Will Stock Market Be Closed On Monday On Bakri Eid?

The stock market will remain closed for trading on Monday due to Bakri Eid, with trading set to resume on Tuesday, as per the National Stock Exchange’s (NSE) official website.
All segments, including stocks, derivatives, and SLBs, will be closed on Monday.

Additionally, the Multi Commodity Exchange of India Limited (MCX) will be closed for the morning session on June 17 but will reopen in the evening from 5:00 PM until either 11:30 PM or 11:55 PM.

Last week, the Nifty-50 Index and BSE Sensex both saw slight gains of 0.5 per cent each, reaching new all-time highs amidst increasingly bullish market expectations. The mid-cap index performed well with gains of approximately 3.6 per cent, while the small-cap index surged by 5 per cent, outpacing large-cap stocks. This positive shift in market sentiment indicates stabilization post Lok Sabha elections.

Market experts attribute this momentum to better-than-expected fourth-quarter FY24 earnings in key sectors.

On the economic front, May’s Consumer Price Index (CPI) inflation stood at 4.75 per cent, closely matching April’s figure of 4.83 per cent, with food inflation at 8.7 per cent. Most sectoral indices reported weekly gains, with sectors like Capital Goods, Consumer Durables, Oil and Gas, Auto, Metals, Realty, and Power rising between 1.5 per cent and 5 per cent.
During the week, the Bank Nifty saw minimal gains, while the IT and FMCG indices each declined by approximately 1 per cent.

“Meanwhile, both FPIs and DIIs were net buyers throughout the week. Going forward, D-street will focus on macro trends, inflation, and global geopolitical concerns,” said Shrikant Chouhan, Head of Equity Research at Kotak Securities.

In Asia, the yen weakened beyond the 158 per dollar mark following the Bank of Japan’s announcement that it would outline a bond purchase plan at its July meeting, delaying any reduction in purchases until then. The Bank of Japan maintained its benchmark rate within a range of 0 per cent to 0.1 per cent.