Stock markets to remain shut for Ram Navami today amid a volatile week in the equity markets

For relentless traders and investors among us, bulls and bears are the only topics that grab their attention between Monday to Friday opening to closing bells of the stock market. But, on Wednesday, they can kick back and relax and the markets are in for a zero-activity day.

Wednesday, April 17, sees Indian stock exchanges closed on the holy occasion of Ram Navami, an important Hindu festival commemorating Rama's birth. In addition to the equity markets, all segments, including the derivative and SLB segments, will be taking a breather.

While the multi-commodity exchange follows suit with a closure for the first half, it springs back to life for the evening session starting from 5:00 pm. However, trade settlements will be put on hold for the day.

The next breather from the market frenzy comes on May 1, marking Labour Day and Maharashtra Day. In the entirety of 2024, there are a total of 14 holidays marked on the market's calendar, including Bakri Id on June 17, Muharram on July 17, Independence Day on August 15, Gandhi Jayanti on October 2, Diwali on November 1, Gurunanak Jayanti on November 15, and Christmas on December 25.

Outlook for the rest of the week

The break comes amid a bear run this week due to weak global cues and the rising geopolitical tensions in the Middle East. Market experts are hoping for some recovery as trading activities resume in full swing on Thursday. However, the rebound or pause in correlation could be short-lived as weak global cues continue to weigh on investor sentiments.

Despite a robust rally in recent times, the equity markets are feeling the pinch, and analysts attribute this downturn to foreign fund outflows and the spike in Brent crude oil prices.

Reflecting global unease amid the Iran-Israel conflict escalation, Tuesday marked the third consecutive day of subdued trading in Indian stock markets. The Nifty bid adieu 0.56 per cent lower at 22,148, while the BSE Sensex wrapped up 0.62 per cent down at 72,943.68.

Vinod Nair, Head of Research at Geojit Financial Services, highlighted the IT sector's notable decline on Tuesday and attributed it to apprehensions regarding earnings, stemming from subdued discretionary spending in the US and lacklustre domestic Q4 results.

"The domestic market sustained its consolidation trend for the third consecutive day, amid apprehensions regarding geopolitical tensions and a drop in the probability of a cut-rate in the short-term. Heightened concerns arose following stronger-than-anticipated US retail sales, amplifying the assumption that the US Federal Reserve might delay rate cuts, leading to a notable uptick in the dollar index and US bond yields," Nair added.

Bank to remain shut in many states

In many states, especially in the northern and western regions, banks are closed today on the occasion of Ram Navami, according to the Reserve Bank of India holiday list.

Banks are closed in Gujarat, Maharashtra, Madhya Pradesh, Orissa, Chandigarh, Andhra Pradesh, Telangana, Rajasthan, Uttar Pradesh, Bihar, Jharkhand, and Himachal Pradesh for Ram Navami.

Moreover, the upcoming Lok Sabha elections will also mark bank holidays in parts of India where the elections will be held in seven phases from April 19 to June 1.