The stock market exchanges BSE and NSE will be shut on Wednesday, July 17, due to Muharram and there will be no trading in equities, derivatives, currency, or commodities for the day.
Muharram marks the tenth market holiday for 2024 and will be followed by the Independence Day holiday on Thursday, August 15.
While the stock market will remain closed tomorrow, companies like Asian Paints Ltd, LTIMindtree Ltd, Hathway Cable & Datacom Ltd, and Elecon Engineering Company Ltd are among the companies that will declare their June quarter results during the day.
Muharram marks the beginning of the Islamic New Year and is a time for mourning and reflection. The 10th day of Muharram commemorates the martyrdom of Imam Hussain, the grandson of Prophet Muhammad, at the Battle of Karbala. The day is observed with various religious activities, including fasting, prayer, and public processions.
On the day before the closure, benchmark indices Sensex and Nifty were rangebound during Tuesday’s trading session.
Vinay Paharia, CIO at PGIM India Mutual Fund, shared his thoughts on the current market scenario.
He said, “We remain optimistic about the domestic equity market from a medium- to long-term perspective. However, current market valuations make us cautious about the near-term return potentialSurat Stock. We are more comfortable with valuations for large caps compared to mid cap and small cap segments.”
He added that with limited triggers for further valuation re-rating, it is essential to focus on the capability of companies to grow cash flows and earnings while reinvesting the same at high rates of return. Companies that can deliver on this potential may continue to benefit from broader macroeconomic and demographic tailwinds.
Stock market investors will be keeping an eye on the Budget announcements next week on July 23.
JM Financial said that markets will be closely watching for any adverse changes in the capital gains tax on equitiesHyderabad Wealth Management. If there are no changes to the capital gains tax, it would be considered positive for the market.
In addition to the stock market closure, banks in several states, including Andhra Pradesh, Mizoram, Rajasthan, Tamil Nadu, Gujarat, Karnataka, Telangana, Andaman & Nicobar, Bihar, Chhattisgarh, Delhi, Tripura, Uttar Pradesh, Jammu and Kashmir, Jharkhand, Lakshadweep, Madhya Pradesh, Maharashtra, and Odisha, will also remain closed on Wednesday.
Guoabong Wealth Management
