- NSE, BSE to remain shut on Thursday for Bakri Eid
NE BUSINESS BUREAU
MUMBAI, JUNE 27
The National Stock Exchange (NSE) has withdrawn plan to shift the expiry of Nifty Bank derivative contracts to Friday from Thursday.
NSE had taken this decision after BSE shifted the expiry of Sensex and Bankex derivative contracts to Friday from Thursday following the relaunch of the indices.
Based on market feedback, BSE felt that NSE’s move could potentially impact the growth of Sensex/Bankex derivatives.
“Considering the need for balanced market development and avoidance of concentration risk in the market, BSE has requested NSE to consider shifting the Bank Nifty expiry to any day other than Friday,” a joint statement from the exchanges said.
In the interest of market development, NSE decided to withdraw the proposal.
BSE felt that moving Nifty Bank expiry to any other day than Friday will help in increasing participation in Sensex/Bankex derivatives and, thus, de-risk the market.
Earlier this month, the NSE had decided to move the expiry of Nifty Bank derivative contracts to Friday from Thursday from mid-July vide Circular Ref. No: 88/2023, dated June 06, 2023. The first Friday expiry was to be on July 14. The move was done after BSE shifted the expiry day of Sensex and Bankex indices to Friday with effect from May 12.
NSE, BSE to remain shut on Thursday for Bakri Eid
FileThe stock markets will be closed for trading on Thursday on the eve of Bakri Eid, instead of Wednesday, the NSE said in a circular.
This is in line with the announcement made by the Maharashtra general administration department on Monday regarding the change in holiday on account of Bakri Eid.
In view of the holiday being shifted to Thursday, the expiry of the weekly as well as the monthly derivative contracts has been moved to Wednesday, the exchange said in a separate circular.
“The settlement schedule shall be intimated separately by respective clearing corporations,” the circular said.
