Stock market holiday: The Indian stock market will remain closed today, Friday, October 2, on account of Mahatma Gandhi Jayanti. The BSE and National Stock Exchange (NSE) will suspend trading across their major market segments for the day.
According to the exchange holiday calendars, trading will remain shut in the equity, equity derivatives, currency derivatives, NDS-RST and tri-party repo segments. The commodity derivatives and electronic gold receipts (EGR) segments will also remain closed.
The Multi Commodity Exchange of India (MCX) and the National Commodity & Derivatives Exchange (NCDEX) will remain closed for trading on October 2. Trading across the capital market, derivatives market, EGR and debt market segments will remain suspended on October 20 on account of the festival.
Mahatma Gandhi Jayanti is observed annually on October 2 to commemorate the birth anniversary of Mahatma Gandhi.
Upcoming stock market holidays
October will have one more trading holiday after Gandhi Jayanti. The BSE and NSE will remain closed on Tuesday, October 20, for Dussehra.
After the October holidays, the next scheduled trading holidays include November 10 for Diwali, November 24 for Prakash Gurpurb Sri Guru Nanak Dev, and December 25 for Christmas.
Asian Markets today
Asian equities traded lower on Friday, with the MSCI Asia Pacific equities benchmark declining 0.3% as markets in Japan and South Korea slipped.
Japan’s Nikkei 225 retreated 0.79% to 68,413.03, pulling back from a six-week high as investors booked profits and turned cautious about interest rates, inflation and geopolitical risks. Despite Friday’s decline, the index remained on track for a roughly 3% weekly gain. The broader Topix fell 0.57% to 4,108.53.
Hong Kong’s Hang Seng dropped 2.5%, while South Korea’s KOSPI edged down 0.02%. China’s stock exchanges remained closed on Friday, October 2, for the National Day Golden Week holiday.
US stocks ended higher overnight as Treasury yields eased from multi-decade highs. However, sentiment remained choppy as investors continued to assess the Federal Reserve’s interest-rate path and persistent inflation risks. The benchmark 10-year US Treasury yield held at 5.25% on Friday after retreating from a 24-year high in the previous session.
Indian stock market on Thursday
Indian equity markets remained under pressure on Thursday, October 1, with the Sensex and Nifty declining for the fourth consecutive trading session as persistent foreign selling, elevated bond yields and a sharp rise in crude oil prices continued to weigh on investor sentiment.
The BSE Sensex closed 570.59 points, or 0.79%, lower at 71,909.70. The index witnessed intense selling during the session and fell as much as 1,187.41 points to 71,292.88, marking a fresh 52-week low.
The NSE Nifty also faced sustained pressure, ending 198.50 points, or 0.88%, down at 22,421.95.
The latest fall also extended the market’s weekly decline. Over the week, the Sensex shed 1,986.04 points, or 2.68%, while the Nifty declined 718.55 points, or 3.10%.
The September performance was even weaker. The Sensex ended the month 4,476.98 points, or 5.81%, lower, while the Nifty dropped 1,459.95 points, or 6%.
FII intensified selling as oil crossed $100. A key source of pressure on domestic equities has been the continued withdrawal of foreign capital. The sustained selling has added to the pressure on benchmark indices, particularly amid concerns over global interest rates, bond yields and the broader economic outlook.
The latest escalation in crude prices added another layer of uncertainty for Indian equities. Brent crude, the global benchmark, climbed 2.77% to USD 100.8 a barrel. Higher crude prices are particularly significant for India because the country relies heavily on imports to meet its energy requirements.
Vinod Nair, Head of Research at Geojit Investments Ltd, said the recent decline in equities had largely been triggered by global factors.
“Indian equities had a difficult, holiday-shortened week which saw benchmarks slip below a key psychological level as a worsening global backdrop overwhelmed domestic support. With crude prices surging, US Treasury yields neared two-decade highs on expectations of further Fed tightening, narrowing the India-US yield differential and weakening the rupee. FIIs stepped up selling through the week, while steady DII buying absorbed much of the outflow, cushioning but not arresting the decline,” Nair said. Looking ahead, the RBI policy decision will be the key domestic trigger, with pressure to support the rupee and contain imported inflation strengthening expectations of a rate hike.
“A meaningful de-escalation in West Asia could trigger a sharp relief rally. Until then, investors should stay selective, favouring earnings visibility and balance-sheet strength, while long-term investors may use market weakness to accumulate quality names gradually,” he added.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
