Stock Market Holidays 2024: Thursday, October 3, is deemed to be auspicious due to the Ghat Sthapana muhurat or Kalash Sthapana, which marks the onset of the Navratri festival. Banks in many cities in India will be closed on Thursday. But what about the Indian stock market, are they open or closed?

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The first day of Navratri where devotees worship the Goddess Durga will begin from October 3. The festival will commence with a ritual of Ghat Sthapana. The muhurat will begin from 5.32 am in Kolkata and will continue till 7.53 am. Further, in cities like Delhi, Mumbai, Chennai, and Lucknow, Ghat Sthapana will begin after 6 am and will continue till before 9 am.

On this day, rural households mount a copper or brass jar, filled with water, upon a small heap of rice kept on a wooden stool (pat), as per Wikipedia.

Banks will be closed on October 3rd due to Navratra Sthapna, as per RBI’s data. However, not every bank in India will be closed, but only in selective places. As per RBI’s data, on Thursday, October 3, banks will be closed in Rajasthan, including the capital Jaipur.

Is the Stock Market Closed?

As per the BSE and NSE list, there is only one stock market holiday and that was on October 2, due to Gandhi Jayanti which is a national holiday in India.

After this, there are no special holidays in October 2024, hence, the market will be opened on Thursday. After October 2, the market will be closed only during weekends in the month.

What To Expect On October 3?

In the previous session, on October 1, the Sensex ended the day down by 33 points, closing at 84,266, while the Nifty dipped by 14 points, settling at 25,797. Major drags included heavyweights Reliance Industries (RIL) and IndusInd Bank, both of which contributed significantly to the market’s subdued performance. In contrast, IT stocks provided some support, helping prevent a steeper decline. The Nifty closed below the 25,800 mark.

Market Outlook On October 3, 2024:

Looking ahead, Ajit Mishra – SVP, Research, Religare Broking Ltd said, the index may see further consolidation. Traders should concentrate on careful stock selection and effective trade management during this phase. Focus on sectors or themes that are demonstrating resilience, and consider accumulating positions. Simultaneously, holding some short positions as a hedge may be prudent until the index signals a clear upward trend.

Overall, Siddhartha Khemka, Head – of Research, Wealth Management, Motilal Oswal Financial Services Ltd said, “We expect the market to consolidate with stock-specific action as we enter into result season and companies will announce pre-quarterly updates.”

In technical terms, Shrikant Chouhan, Head of Equity Research, at Kotak Securities said, “A small candle formation on daily charts indicates indecisiveness between the bulls and the bears. We are of the view that 25910/84650 would be the trend decider level for the bulls. As the long as market is trading below the same, the weak sentiment is likely to continue. On the down side, the market could retest the level of 25680-25650/84000-83700. On the flip side, above 25910/84650 the market could bounce back up to 25975-26000/84900-85000. The current market texture is non-directional hence level based trading would be the ideal strategy for the day traders.”