Saturday Trading Hours Remain Unaffected
This weekend, the stock market is set to observe a temporary closure on Monday, January 22, 2024, in light of the pran pratishtha ceremony for the Ram Lalla idol at the Ayodhya temple. However, investors should note that regular trading hours will be maintained on Saturday, January 20, from 9 am to 3.30 pm.
National Stock Exchange (NSE) Announces Details
The National Stock Exchange (NSE) has provided specific details regarding the trading schedule. On Saturday, both equity and equity derivative segments will operate under normal hours, excluding any DR (Delivery and Receipt) movements. Conversely, the market will be closed on Monday, January 22, in observance of the public holiday declared by the Maharashtra government.
RBI’s Announcement on Transaction Suspensions
The Reserve Bank of India (RBI) has echoed these sentiments, clarifying that there will be no transactions or settlements in government securities (primary and secondary), foreign exchange, money markets, and rupee interest rate derivatives on January 22. This decision aligns with the public holiday declared by the Maharashtra government under Section 25 of the Negotiable Instruments Act, 1881.
Modified Trading Hours and Settlements Rescheduled
Initially, the RBI had announced trading hours for Monday between 2.30 pm and 5.00 pm. However, following the Maharashtra government’s public holiday declaration, the RBI has revised its stance, announcing the closure of money, forex, and rupee interest rate derivatives markets. As a result, all transactions and settlements originally scheduled for January 22 will be postponed to the next working day, January 23, 2024.
Additional Adjustments in Banking Sector
In anticipation of the public holiday, the Ministry of Finance has issued an order declaring a half-day for public sector banks, insurance companies, financial institutions, and regional rural banks on Thursday, January 18. Furthermore, the Department of Personnel and Training has instructed all central government offices, institutions, and industrial establishments to observe a half-day on the specified date.
Investors and financial institutions are advised to take note of these adjustments in trading schedules and banking hours to ensure a smooth transition during this period.
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