Sensex, Nifty Shut For Ganesh Chaturthi Today, Commodity Trading To Resume In Evening Session

Indian stock markets will not be operating on Monday, September 14, to observe the festival of Ganesh Chaturthi, following a turbulent week characterized by escalating crude oil prices and apprehensions surrounding global interest rate decisions. The National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE) have announced a complete trading suspension for the day.

While equities and equity derivatives are temporarily halted, commodity trading will proceed on a modified schedule. The Multi Commodity Exchange (MCX) will be idle during the regular market hours from 9 am to 5 pm, while commodities trading will recommence at 5 pm, concluding at 11:30 pm or 11:55 pm, contingent on the specific commodity.

A settlement holiday implies that the clearing and settlement of eligible transactions will be postponed, though this does not invariably signify a trading hiatus. Markets concluded the previous week at a significant decline as surging crude oil prices, increasing global bond yields, and concerns over US inflation dampened investor confidence.

The Nifty declined by 2.09% throughout the week, settling at 23,398 at the end of the final trading session. Notably, Foreign Institutional Investors (FIIs) divested ₹5,610 crore in three sessions, while Domestic Institutional Investors (DIIs) injected ₹23,160 crore into Indian stocks despite the market downturn. The Sensex concluded the week 120 points, or 0.16%, lower at 74,781, marking a 2.27% decrease over the entire week.

Global factors continue to influence investors, who remain cautious amid a strengthening US inflation trend and rising Treasury yields, with the 10-year US Treasury yield nearing the 5% threshold, intensifying speculation that interest rates may persist at elevated levels for an extended period. Broad-based selling across various sectors, with Nifty Realty experiencing the steepest weekly decline at 6.54%, and the Nifty IT index slipping by approximately 5.78%, underscored the market's overall bearish sentiment.

Domestic equities also displayed considerable volatility following the inception of the closing auction session, with the effects particularly pronounced around derivatives expiry sessions. Trading on both the NSE and BSE will resume after the Ganesh Chaturthi holiday, with market participants anticipated to monitor crude oil prices, global bond yields, and overseas market indicators.