Daijiworld Media Network - Mumbai

Mumbai, Sep 14: Indian stock markets will remain closed on Monday on account of the Ganesh Chaturthi festival.

Both the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) have declared September 14 a full trading holiday. Equity trading as well as equity derivatives trading will remain suspended for the day.

The commodity market, however, will follow a separate schedule.

The Multi Commodity Exchange (MCX) will remain closed during the morning trading session from 9 am to 5 pm and resume operations at 5 pm. The evening session will remain open until 11:30 pm, or up to 11:55 pm.

A settlement holiday, meanwhile, does not necessarily mean that trading is halted. Instead, clearing and settlement of eligible transactions are suspended for the day.

The holiday comes after Indian equity benchmarks posted notable losses last week amid a sharp rise in crude oil prices and concerns over global interest rates.

The Nifty declined 2.09 per cent during the week and fell 0.34 per cent on the final trading day to close at 23,398.

The Sensex ended 120 points, or 0.16 per cent, lower at 74,781 on the last trading day, recording a weekly decline of 2.27 per cent.

Analysts said global macroeconomic developments weighed on investor sentiment.

A firmer US inflation backdrop and rising Treasury yields, with the 10-year US yield approaching the 5 per cent mark, reinforced expectations of a higher-for-longer interest-rate environment and tighter global financial conditions.

The sell-off was broad-based, with major sectors ending lower during the week. The Nifty Realty index was the biggest loser on the NSE, declining 6.54 per cent on a weekly basis.

The Nifty IT index also shed around 5.78 per cent during the week.

Indian equities also witnessed sharp volatility following the newly launched closing auction session, particularly on derivatives expiry days.