Sensex and Nifty, the two key equity benchmarks, on Monday (January 22) will remain closed with the Maharashtra government announcing a holiday on account of the consecration of the Ram Mandir in Ayodhya. The Nifty NSE in a circular said the currency derivative segment would also remain closed on Monday.
There would be no transactions and settlements in government securities (both primary and secondary markets), foreign exchange, money markets, and rupee interest rate derivatives, the Reserve Bank of India (RBI) said. The settlement for all pending transactions would be deferred to the subsequent working day, according to a RBI release. The RBI also said the three-day variable rate repo (VRR) auction conducted on Friday with date of reversal Monday would now be reversed on January 23.
In addition, the three-day VRR auction announced earlier stands cancelled and instead, a two-day VRR auction will now be conducted on Tuesday.
All bank branches in Uttar Pradesh and in some other states will remain closed Monday. Meanwhile, public sector banks (PSBs), insurance companies, financial institutions, and regional rural banks (RRBs) across the country will remain closed for half day on that day to mark the event. As per RBI's holiday list, private sector banks, however, will remain open because it is a working day.
In an order by the Department of Personnel and Training, a half-day closure was announced for central government offices on Monday. The DoPT order shall also apply to public sector banks, insurance companies, financial institutions and RRBs to enable employees to participate in the Ram Lalla Pran Pratishtha celebrations, a notification from the finance ministry, on Thursday said.
In the previous session on Saturday, the 30-share BSE Sensex declined by 260 points to settle at 71,424, while the NSE Nifty50 sank 51 points to end at 21,572.