Muharram trading holiday 2024, BSE, NSE: Will stock market be closed on Wednesday, July 17? Asian Paints, LTIMindtree Q1 results & more

The domestic stock exchanges BSE and NSE would be shut on Wednesday, July 17, on account of Muharram. Neither equities nor derivatives of currency and commodity would trade for the day. Muharram would mark the tenth market holiday for 2024 and would be followed by Independence Day holiday on Thursday, August 15. While the stock market would remain closed tomorrow, Asian Paints Ltd, LTIMindtree Ltd, Hathway Cable & Datacom Ltd and Elecon Engineering Company Ltd would be among two dozen companies that would declare their June quarter results during the day.      

Muharram marks the beginning of the Islamic New Year and is a time for mourning and reflection. The 10th day of Muharram commemorates the martyrdom of Imam Hussain, the grandson of Prophet Muhammad, at the Battle of Karbala. The day is observed with various religious activities, including fasting, prayer, and public processions. 

Benchmark indices Sensex and Nifty were rangebound in Tuesday's trade at the timing of writing this article. 

Vinay Paharia ,CIO at PGIM India Mutual Fund said he remains optimistic on the domestic equity market from a medium- to long-term basis. But the prevailing market valuations are making Paharia cautious on the near-term return potential. 

"We are more comfortable with valuations for large caps versus that of the mid cap and small cap segments. Limited triggers for further valuation  re-rating necessitates focus on capability of the companies to grow cash flows and earnings while reinvesting the same at high rates of  return. Companies that can deliver on this potential may continue to benefit from the broader macroeconomic and demographic tailwinds," he said.  

Going ahead, stock investors would be eyeing Budget announcements next week on July 23. JM Financial said markets would be keenly awaiting any adverse changes in the capital gain tax on equities. In case there is no change in capital gain tax, it would be considered positive, it said.

Meanwhile, banks in states of Andhra Pradesh, Mizoram, Rajasthan, Tamil Nadu, Gujarat, Karnataka, Telangana, Andaman & Nicobar, Bihar, Chhattisgarh, Delhi, Tripura, Uttar Pradesh, Jammu and Kashmir, Jharkhand, Lakshadweep, Madhya Pradesh, Maharashtra and Odisha, would not open on Wednesday.