As the nation observes Eid-e-Milad on September 28, 2023, the financial world braces for a settlement holiday, causing a temporary halt in the clearing house operations. However, it's business as usual for the stock markets, allowing trading activities to proceed uninterrupted.
What Does This Mean for Traders? While the hustle and bustle of the stock market remain unaffected, traders should be mindful of the pause in settlement of trades until the next working day, September 29.
This implies that stocks acquired on September 27 will be visible in holdings but won't be available for selling on the holiday. Additionally, the credit bill across all segments on September 27 will be inaccessible for trading or withdrawal on the settlement holiday.
Traders looking to withdraw funds should note that the system will only process requests made after 8 am on September 27, on September 29. However, for those in a rush, instant withdrawal requests can be placed between 10 am and 6 pm on September 27, ensuring funds availability within 15 minutes.
Markets on September 27
The markets on September 27 witnessed a rollercoaster ride, eventually closing on a higher note, with Nifty soaring past the 19,700 mark. The Sensex experienced a gain of 173.22 points, settling at 66,118.69, and the Nifty closed at 19,716.50, marking a 0.26% increase. The market vibrancy was evident with 1921 shares advancing, 1616 declining, and 143 remaining unchanged.
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Leading the gains were notable Nifty components including Coal India, ITC, Larsen & Toubro, Cipla, and L&T Infotech, while Titan Company, Grasim Industries, Hero MotoCorp, SBI, and BPCL found themselves in the losing end.
Sectors such as PSU Bank, capital goods, FMCG, realty, and healthcare witnessed gains between 0.5-1%, with a slight selling pressure observed in the oil & gas sector. The BSE midcap and smallcap indices both marked a 0.6% increase.
“Nifty formed a bullish engulfing pattern on September 27. This could mean some more bounce in the Nifty. It could face resistance in the 19798-19849 band while 19637 could offer support in the near term,” noted Deepak Jasani, Head of Retail Research, HDFC Securities in a statement shared with Benzinga India.
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