Trading volume on BSE and NSE fell by over 30 percent in the Saturday session

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AHMEDABAD: Indian markets remained closed on Monday following the declaration of a public holiday in Maharashtra due to the inauguration of the Ram temple in Ayodhya. Apart from this, the commodity exchange and the forex market were also closed today. Markets will be closed next Friday also on the occasion of Republic Day.

Trading volume fell more than 30 percent on Saturday as exchanges tried to squeeze in a full session to compensate for the special holiday declared on Monday. The combined turnover in cash on BSE and NSE is Rs. 84,574 crore, which is Rs. 1.17 lakh crore which is 28 percent lower than the average daily turnover. Meanwhile, equity derivatives volumes stood at Rs. 303 lakh crore (notional) while the monthly average was Rs. 456 lakh crores.

Market insiders said sluggish participation from institutional investors weighed on activity and many stocks saw subdued volume. However, had the weekly expiry of Bankex derivatives not been moved from Saturday to Monday, volume would still have been lower.

Sensex closed down 260 points at 71,424 after volatility on Saturday. Nifty closed down 51 points at 21,572. Indian markets remained closed on Monday as a public holiday has been declared in Maharashtra due to the inauguration of the Ram temple in Ayodhya. Markets will be closed next Friday also on the occasion of Republic Day.

Market participants said domestic institutional investors and foreign portfolio investors drove a small portion of the normal trade and overall trading activity was dominated by retail, HNIs.

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