Indian stock market to have 4-day trading week due to Bakrid holiday.
Stock Market holiday on Bakrid: The Indian stock market will observe a shorter trading week as there will be four days of trading instead of the usual five. The upcoming week coincides with the festival of Bakrid, leading to a market holiday. Eid-ul-Azha or Bakrid will be celebrated nationwide on June 29.
The stock exchanges, BSE and NSE, which are major players in the country, will remain closed on June 29 in observance of Bakrid. Initially, the stock market was scheduled to be closed on June 28. However, the Maharashtra government recently declared June 29 as a public holiday for Bakrid, resulting in this change.
The National Stock Exchange released a notice explaining the revised holiday schedule. The notice stated, "The domestic stock market holiday has been changed to June 29, 2023, due to Bakrid. As per the attached notification, there will be no trading or business operations on NSE and BSE on June 29, 2023, instead of the previously announced June 28, 2023."
The change in the stock market holiday also affected the subscription dates for the IdeaForge Technology IPO. Previously, the IPO subscription was open until June 29, 2023. However, with the revised holiday schedule, interested investors now have until June 28 to subscribe to the IPO. BSE has also issued a notification regarding the updated subscription dates for the IdeaForge Technology IPO.
Following Bakrid, the stock market holiday calendar shows the next market closure on August 15, 2023, which marks the celebration of India's Independence Day. In total, 15 market holidays have been declared for the year, with Bakrid being the only one falling in the month of June.
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