Bank and Stock Market Announce Holidays for Eid-ul-Adha, Know the Dates
In a recent announcement, the stock market of India has confirmed that the equity market will be closed on Thursday in observance of Eid-ul-Adha. This announcement comes after a change in the holiday date made by the Maharashtra government on Monday. Initially, the holiday was planned for Wednesday, but it has now been shifted to Thursday. The bond, money, and foreign exchange markets will also be closed on Thursday, and it has been reported that the forex market will be closed as well.
While bond traders have received a notification from the Clearing Corp of India Ltd (CCIL) about the change in holiday date, no communication has been made yet from the FX market. However, traders have verified that the forex market will be closed on Thursday too. A trader at a public sector bank shared that the value date for overnight USD/INR cash swap trades has been confirmed as June 27, rather than June 28.
As for the banking sector, it has been announced that banks will be closed on June 28 and 29 in observance of Bakrid, also known as Eid-ul-Adha. However, it is important to note that not all banks in all states will be closed for the entire 15-day period in July. The closures will be based on various state holidays, and regional festivals will only affect banking activities in the respective states on those days. Additionally, every bank has a weekly holiday on Sundays and the second and fourth Saturdays of each month, according to the Reserve Bank of India (RBI).
The RBI is yet to release an official statement regarding the changes in holiday dates, and they were not immediately available for comment. Traders in the stock market have also noted that the expiry date for June futures and options contracts has been changed from June 29 to June 28. However, instructions on the auction timing and settlement deadlines for the debt market are still pending from the RBI.
It is important for individuals and businesses to be aware of these changes in holiday dates to avoid any inconveniences. The dates announced for the closure of the stock market, bond market, and foreign exchange market on the occasion of Eid-ul-Adha have been shifted to Thursday. Banks will be closed on both June 28 and 29 for Bakrid celebrations, with specific cities observing the holiday on different days.
Overall, it is crucial for traders, investors, and the general public to stay updated with the latest information regarding holiday dates and market closures. As the RBI is expected to release further instructions and statements, it is advisable to follow official announcements and consult with financial institutions for accurate and detailed information.
Disclaimer: The information provided in this article is for informational purposes only. It should not be considered as financial or investment advice. Please consult with a professional financial advisor or refer to official sources for specific advice and guidance.
