Share market holidays 2024: Is stock market closed on Wednesday, May 1?

The Indian stock market will remain closed on May 1 on account of Maharashtra Day. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will remain closed on Wednesday on Maharashtra Day that marks the establishment of the state of Maharashtra on May 1, 1960. This occurred following the linguistic reorganisation of Indian states.

The market will remain closed on two weekdays in May. BSE and NSE will also remain closed on May 20. This is a holiday that will be observed owing to the Lok Sabha Elections on the day, which will be conducted in all six Lok Sabha seats in Mumbai.

Sensex closed 188 points lower at 74,482 and Nifty lost 38 points to end at 22,604 on Tuesday. Market cap of BSE-listed firms fell to Rs 406.59 lakh crore.

Tech Mahindra, JSW Steel, Tata Steel, HCL Tech, Tata Steel, HCL Tech, Sun Pharma were the top Sensex losers, falling up to 2.08 per cent. Of 30 Sensex stocks, 17 ended in red. On the other hand, M&M, PowerGrid, IndusInd Bank, Bajaj Finance and Bajaj Finserv were the top Sensex gainers, rising up to 4.53%.

Market breadth was negative with 1822 stocks rising against 1995 stocks falling on BSE. 133 shares were unchanged.

On the outlook of the stock market, Ajit Mishra – SVP, Research, Religare Broking said, "We view the intermediate profit-taking in the index as a healthy correction and anticipate Nifty to maintain support around the 22,300-22,400 zone. Most key sectors, except IT, are participating in the movement, so participants should adjust their positions accordingly."

Rupak De, Senior Technical Analyst, LKP Securities said, "Nifty witnessed selling pressure as it encountered resistance near the previous swing high, resulting in a weak closing. Other indicators such as the 20-day Simple Moving Average (SMA) and the 50-day SMA are positioned below the index value, suggesting that the ongoing positive trend remains intact. The Relative Strength Index (RSI) also indicates a bullish crossover. Over the next few days, the trend in the headline index might remain sideways unless it breaks above the all-time high of 22,783. On the downside, immediate support is placed at 22,500, below which the index might decline further."