The National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) remained closed on 1st May 2023, on account of Maharashtra Day, a public holiday in the state of Maharashtra.
Investors and traders were unable to trade on the two major stock exchanges on this day. Both exchanges resumed normal trading hours on the following business day, 2nd May 2023.
Maharashtra Day is celebrated on 1st May every year to commemorate the formation of the state of Maharashtra after the merging of the former Bombay State with the princely states of Maharashtra and Vidarbha.
The closure of the stock exchanges in Mumbai, Maharashtra’s capital, had a significant impact on the trading volume of Indian equities. However, traders and investors can still access other global stock exchanges and trade in foreign stocks during this period.
The closure of the NSE and BSE for public holidays is a common occurrence. The stock exchanges usually remain closed on weekends and public holidays declared by the Indian government or the respective state governments. Trading hours for the exchanges are from 9:15 am to 3:30 pm from Monday to Friday.
The BSE, Asia’s oldest stock exchange, was established in 1875 and is headquartered in Mumbai. It is the first stock exchange in India to be granted permanent recognition under the Securities Contracts (Regulation) Act, of 1956.
The NSE, founded in 1992, is the largest stock exchange in India in terms of market capitalization and the number of trades executed. It is also the second-oldest stock exchange in India after the BSE.
In conclusion, the NSE and BSE remain closed on 1st May 2023, on account of Maharashtra Day, a public holiday in the state of Maharashtra. The closure of the stock exchanges had an impact on the trading volume of Indian equities. The BSE and NSE will resume normal trading hours on the following business day, 2nd May 2023.
