Leading Indian stock exchanges BSE and NSE will remain closed on Tuesday, March 07, 2023, on account of Holi, which is celebrated all over India.
This is the second market holiday of this year after Republic Day. According to stock exchanges, there are a total of 15 trading holidays scheduled for this year.
Along with equity, the F&O and currency markets will remain closed on Tuesday. The commodity markets will also be shut during the first half of the day and will only open for trading in the evening session, starting at 5:00 p.m.
This year, there has been confusion over the celebration of Holi, as certain parts of the country celebrated it on March 7 while others on March 8.
Last week, the Association of National Exchanges Members of India (ANMI), a stock brokers' association, requested the government, exchanges, and SEBI to move the market holiday from March 7 to March 8.
Additionally, the Commodity Participants Association of India requested that the exchanges either shift the trading holiday from March 7 to March 8 or declare both days as trading holidays.
Currently, the BSE and NSE stock exchanges and SEBI have listed March 7 as a holiday for Holi. As per a notification issued by the central government on June 22 last year, March 8, 2023, has been declared as a public holiday, applicable for central administrative offices located in Delhi and New Delhi.
During last week, the Nifty and Sensex recorded significant gains of 0.74% and 0.58%, respectively. The rally was fueled by the strong performance of Adani Group stocks following US-based GQG Partners' acquisition of a stake in four of its listed companies.