The uncertainty is rooted in how India marks the festival, with some parts of the country celebrating it on March 7, while the rest do it on March 8
The uncertainty is rooted in how India marks the festival, with some parts of the country celebrating it on March 7, while the rest do it on March 8.
Recently, Anmi (Association of National Exchanges Members of India), a leading stock brokers association, has requested the government, Sebi and exchanges to change the holiday date to March 8.
In its letter to the finance ministry, Sebi, stock exchanges and depositories, Anmi said that Holi festival is falling on March 8 as opposed to the exchange trading holiday declared on March 7.
For central government employees, March 8 has been declared as a public holiday applicable for central administrative offices located in Delhi/ New Delhi. Banks are also closed on the same day.
Commodity Participants Association of India (CPAI) has made a similar request to the exchanges. It has asked exchanges to either shift the trading holiday from March 7 to March 8 or declare both days as trading holidays.
With market holiday falling on March 7 and some parts of India celebrating it on the next day, there were doubts about whether the markets would see a volume dip. However, experts ruled out such a scenario.
“Holi being in the middle of the week, a significant impact is less likely. The market is likely to acknowledge the fact that the recovery push is unfolding, after a sustained period of lull and gloom, and the key event risks that await in the latter part of the month,” said Anand James, Chief Market Strategist at Geojit Financial Services.
James said that a mid-week break will hasten time decay and would affect the flow for options traders, for the March 9, 2023 expiry.
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