As India prepares for Diwali celebrations, uncertainty about the exact date has emerged, affecting stock market holiday schedules. With Diwali festivities set for either October 31 or November 1, the stock exchanges will remain open on October 31 and observe a holiday on November 1, hosting a special Muhurat Trading session in the evening.
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- Diwali celebrations fall on October 31 or November 1, according to Hindu tithi.
- Stock markets will trade on October 31 but close for Diwali on November 1.
- A special Muhurat Trading session will occur on November 1 to symbolise prosperity.
Following the Dhanteras celebrations on October 29th, India is gearing up for Diwali 2024. However, there has been some uncertainty regarding the exact date for Diwali celebrations, which is either expected on October 31st or 1st November, based on Hindu tithi (dates) and puja timings. According to Drik Panchang, Diwali – also known as the Festival of Lights – falls on October 31st. The Amavasya Tithi, associated with Lakshmi Puja, is set to begin on October 31st at 3:52 pm and end on November 1st at 6:16 pm. This year, the Lakshmi Puja Muhurat will take place between 5:36 pm and 6:16 pm on November 1st, leading many to mark this day for puja.
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For the Indian stock markets, this divergence in dates has created some confusion around holiday schedules. According to the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) holiday calendars, the markets will remain open for trading on Thursday, 31st October. However, they will observe a holiday on Friday, November 1st, for Diwali 2024, in line with Drik Panchang’s puja schedule.
The stock exchanges have announced a special one-hour Muhurat Trading session on November 1st to honour the cultural significance of Diwali. Traditionally observed on Diwali, Muhurat Trading is a ceremonial session that symbolises prosperity and financial success for the year ahead, as it is believed to be blessed by Goddess Lakshmi, the deity of wealth. This session holds great cultural and symbolic significance for the financial community.
The Muhurat Trading session on Friday, November 1st, will follow a pre-set schedule:
Pre-Open: 5:45 pm to 6:00 pm
Normal Market: 6:00 pm to 7:00 pm
Block Deal Session: 5:30 pm to 5:45 pm
Special Pre-Open Session (for IPOs & re-listed securities): 5:45 pm to 6:30 pm
Call Auction Illiquid Session: 6:05 pm to 6:50 pm
Closing Session: 7:10 pm to 7:20 pm
In addition to equities, other market segments like commodity derivatives, currency derivatives, and equity futures & options (F&O) will operate within this Muhurat hour. The Multi Commodity Exchange of India (MCX) has also confirmed its Muhurat Trading on the same evening, with a client code modification session running until 7:15 pm.
For those looking to confirm stock market holiday schedules, the BSE website provides a list under ‘Trading Holidays,’ with 31st October as a working day. As per the holiday list, the two remaining stock market holidays in 2024 fall on November 1st for Diwali and November 15th for Guru Nanak Jayanti.
Investors are encouraged to plan their trades around these dates. While the Indian equity markets will operate as usual on October 31st, trading will close on November 1st, save for the ceremonial Muhurat Trading hour in the evening. This special session serves as a mark of prosperity for the year ahead, with devotees seeking blessings for financial growth and success on the auspicious occasion of Diwali.
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