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Indian stock markets closed today for Eid-al-Adha; MCX to Open for Evening Session

Indian stock markets closed today for Eid-al-Adha; MCX to Open for Evening Session
Mondays usually mark a busy day on the Dalal street, as investors rush to trade based on the trends and analysis of the events unfolding over the weekends. However, today (June 17), equity markets will remain closed in observance of Eid-al-Adha (Bakri Eid), as per the market holiday calendar of BSE.

All segments, including the equity, derivative, and SLB segments, will be closed accordingly. However, the Multi-Commodity Exchange (MCX) will be closed for the morning session but will open for the evening session, reports the Economic Times.

In addition to Bakri Eid on June 17, markets will also observe several holidays in the rest of the year 2024, including Muharram on July 17, Independence Day on August 15, Mahatma Gandhi's birthday on October 2, Diwali on November 1, Gurunanak Jayanti on November 15, and Christmas on December 25. It is important to note that exchanges might alter these holiday dates, and any changes will be communicated through a separate circular issued in advance.

Meanwhile, Indian benchmark equity indices registered record closing highs for the second consecutive session on Friday. This performance was driven by state-run companies and energy stocks amid hopes of continued capital expenditure by the newly formed government. The BSE Sensex surged 181 points, or 0.24%, to settle at 76,993, while the NSE Nifty gained 67 points, or 0.29%, to end at 23,465.

Top gainers in the market included Eicher Motors, Adani Ports, M&M, Shriram Finance, and Titan, while top losers were Tech Mahindra, TCS, Wipro, HCL Tech, and L&T. State-run firms and lenders saw gains of 4.94% and 2.5% for the week, driven by hopes of policy continuity as key ministers were retained in the new government's cabinet.

On Monday, Asian stock markets were mostly in red continuing the trend from last week as investors try to gauge the Federal Reserve's next moves concerning interest rates. Recent data showed that inflation in the United States slowed in May, which gave some hope for potential interest rate cuts this year. However, expectations were dialed back by policymakers, affecting overall optimism.

The overall market sentiment in India, however, remains optimistic, driven by hopes of continued policy support and capital expenditures from the new government. Investors seem to have shown a renewed interest in state-run firms and lenders, adding to the market's impressive performance.

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