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Stock market holidays October 2022: BSE, NSE to remain shut on these days this month, check here

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The Indian stock market will remain closed for trading on three days in October due to festive holidays. BSE and NSE will be shut on 5 October (Wednesday), 24 October (Monday) and 26 October (Wednesday) owing to Dussehra, Diwali or Laxmi Pujan, and Diwali Balipratipada respectively. However, Muhurat trading will happen for one hour on Diwali or Laxmi Pujan, on 24 October, and its timings will be subsequently notified by the exchange. On these three holidays, trading in the Currency Derivatives Segment and Interest Rate Derivatives segment will also remain suspended.

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The National Commodity & Derivatives Exchange Limited (NCDEX), which is the agricultural commodity exchange, will be closed for trading in both sessions on 5 and 26 October. However, it will remain in the second half on 24 October. In November, trading will be closed for just one day – 8 November (Tuesday), on account of Gurunanak Jayanti. According to the BSE holiday calendar, there are 13 declared trading holidays during the calendar year 2022.

Meanwhile, BSE Sensex and NSE Nifty 50 ended nearly 2 per cent higher, snapping a 7-day losing streak on Friday. Investors cheered the RBI MPC announcement of the repo rate hike. BSE Sensex ended at 57,427, up 1,017 points or 1.8 per cent. The NSE Nifty 50 ended at 17,094, up 276 points or 1.64 per cent. Technical analysts believe that Nifty can now move towards 17,500-17,700 zones with key support around 17,000 and 16850

US stocks: Wall Street closes with sharp gains as final quarter begins

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Wall Street‘s three major indexes rallied to close over 2% on Monday as U.S. Treasury yields tumbled on weaker-than-expected manufacturing data, increasing the appeal of stocks at the start of the year’s final quarter. The U.S. stock market has suffered three quarterly declines in a row in a tumultuous year marked by interest rate hikes to tame historically high inflation, and concerns about a slowing economy.

“The U.S. yield markets (are) pulling back – that’s been a positive … and that connotes a more risk-on environment,” said Art Hogan, chief market strategist at B. Riley Wealth in Boston. Further supporting rate-sensitive growth stocks, the benchmark U.S. 10-year Treasury yield fell after British Prime Minister Liz Truss was forced to reverse course on a tax cut for the highest rate.

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Megacap growth and technology companies such as Apple Inc and Microsoft Corp rose over 3% respectively, while banks advanced 3%. Data showed manufacturing activity increased at its slowest pace in nearly 2-1/2 years in September as new orders contracted, likely as rising interest rates to tame inflation cooled demand for goods.

The Institute for Supply Management said its manufacturing PMI dropped to 50.9 this month, missing estimates but still above 50, indicating growth. “The economic data stream actually came in worse than expected. In a very counterintuitive fashion that likely represents good news for equity markets,” said Hogan.

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“(While) good economic data, strong readings had been a catalyst for selling, this is the first time we’ve actually seen some negative news be a catalyst.” All three major indexes ended a volatile third quarter lower on Friday on growing fears that the Federal Reserve’s aggressive monetary policy will tip the economy into recession.

The Dow Jones Industrial Average rose 765.38 points, or 2.66%, to 29,490.89; the S&P 500 gained 92.81 points, or 2.59%, at 3,678.43; and the Nasdaq Composite added 239.82 points, or 2.27%, at 10,815.44.Volume on U.S. exchanges was 11.61 billion shares, compared with the 11.54 billion average for the full session over the last 20 trading days.

Tesla Inc fell 8.6% after it sold fewer-than-expected vehicles in the third quarter as deliveries lagged way behind production due to logistic hurdles. Peers Lucid Group gained 0.9% and Rivian Automotive fell 3.1%.Major automakers are expected to report modest declines in U.S. new vehicle sales, but analysts and investors worry that a darkening economic picture, not inventory shortages, will lead to weaker car sales.

Citigroup and Credit Suisse became the latest brokerages to lower 2022 year-end targets for the S&P 500, as U.S. equity markets bear the heat of aggressive central bank actions to tamp down inflation.Credit Suisse also set a 2023 year-end price target for the benchmark index at 4,050 points, adding that 2023 would be a “year of weak, non-recessionary growth and falling inflation.”

Advancing issues outnumbered decliners on the NYSE by a 5.04-to-1 ratio; on Nasdaq, a 2.70-to-1 ratio favored advancers. The S&P 500 posted one new 52-week high and 23 new lows; the Nasdaq Composite recorded 58 new highs and 282 new lows.