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Ram Mandir Pran Patishtha, Ayodhya: Stock market to open for full day trading today; BSE, NSE to observe holiday on January 22. Here's why

Ram Mandir Pran Patishtha, Ayodhya: Stock market to open for full day trading today; BSE, NSE to observe holiday on January 22. Here's why

Stock market: The decision was taken as Monday, January 22, was declared as a public holiday by Maharashtra government owing to the consecration of the Ram Mandir in Ayodhya.

Amit Mudgill
Amit Mudgill
  • Updated Jan 20, 2024 9:02 AM IST
Ram Mandir Pran Patishtha, Ayodhya: Stock market to open for full day trading today; BSE, NSE to observe holiday on January 22. Here's whyBSE, NSE: To recall, the stock exchanges had earlier suggested a special live trading session on Saturday where trading was to be conducted in two sessions.

Stock exchanges BSE and NSE will be opened for full trading session on Saturday as against a special live trading session announced earlier. The decision was taken as Monday, January 22, was declared as a public holiday by Maharashtra government owing to the consecration of the Ram Mandir in Ayodhya.  In an circular, the exchanges told their members that Saturday would be a normal trading session that will be conducted from the primary site in equity and equity derivatives segments and that the earlier suggestion of an intra-day switchover from the primary site to the disaster recovery site stands withdrawn. 

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To recall, the stock exchanges had earlier suggested a special live trading session on Saturday where trading was to be conducted in two sessions: 9:15-10 am for live trading from the primary site and from 11.30-12.30 pm from the disaster recovery site. For that, it was earlier decided that stocks including the ones in the futures and options (F&O) segment would have upper and lower circuit limits set at 5 per cent and the ones with existing 2 per cent limits would maintain that limit.

Stock brokers were quick to inform the changes to clients. "Equity and equity derivative markets will remain open from 9:00 AM to 3:30 PM on Saturday, January 20, 2024. Currency and commodity markets will remain closed. Our prior communication about a short special live trading session on Saturday stands revised," Zerodha informed its clients in a Bulletin.

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The expiry date for the BSE Bankex and Midcap Nifty indices has been revised from January 22 to January 20 now.

"Any F&O credits (i.e. premium from options sold, marked-to-market profit, intraday profits, etc.) and intraday equity profits from January 19th will not be included in the available funds on January 20, 2024, due to the settlement holiday. Meanwhile, you will be able to check these credits in your Console ledger, Zerodha informed its clients.

The Maharashtra government declared January 22 as a public holiday.

"Members are requested to note that Exchange shall be conducting regular trading sessions on Saturday, January 20,2024 from primary site in Equity and Equity Derivatives segments as per regular market timings. Price bands applicable for Normal trading day shall continue to be remain applicable on January 20, 2024," said NSE in a statement.

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Ram Temple inauguration

The Ram Temple in Ayodhya will be inaugurated on January 22 in the presence of Prime Minister Narendra Modi. The preparations for the grand Ram Mandir Pran Pratishtha or consecration ceremony commenced from Tuesday. It is believed that over 7,000 people, including politicians, celebrities, industrialists, saints, and representatives from different countries, would be attending the grand ceremony. The event would span over seven days with various rituals being performed each day.

"The real tribute to our secularism is the way we judicially resolved a religious dispute, moved on to peacefully build a temple and are focusing on the cultural renaissance of our society. The clear accomplishment is a unitary approach where everybody acknowledges the temple as a celebration of our civilization itself," said Shyam Sekhar  founder of ithought Financial Consulting, an investment advisory firm, tweeted.

Money markets

There would be no transactions and settlements in government securities (primary and secondary), foreign exchange, money markets and rupee interest rate derivatives on that day, the Reserve Bank of India (RBI) said in a fresh circular on Friday evening. The apex bank modified its earlier circular wherein it had suggested that trading in money markets will open at 2.30 pm instead of 9 am on January 22.

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As per the RBI, the three-day Variable Rate Repo (VRR) auction conducted on Friday with date of reversal on January 22 will now be reversed on January 23. Further, it said the three-day VRR auction announced earlier in the day stands cancelled. Instead, a two-day VRR auction will be conducted on January 23.

Public sector banks, insurance companies, financial institutions and Regional Rural Banks (RRBs) across the country will remain closed for half-day on January 22.

The Department of Personnel and Training has also issued an order for a half-day closure for central government establishment on January 22.

 

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Jan 20, 2024 7:31 AM IST
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