Dalal Street has witnessed one of its weakest starts to a year in nearly a decade, pressured by negative global cues, concerns over US–India trade relations, and continued foreign institutional investor selling.
After several sessions marked by sharp losses and heightened volatility, the markets have finally got a breather today. However, this pause is not due to improving sentiment. Trading activity across Indian stock exchanges has been suspended because of civic elections in Maharashtra.
Trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) is closed on January 15. There will be no trading in equities, equity derivatives, commodity derivatives, or electronic gold receipts.
The closure follows the Maharashtra government’s decision to declare January 15 a public holiday under the Negotiable Instruments Act, 1881, to facilitate smooth polling for local body elections across 29 municipal corporations, including Mumbai City and Mumbai Suburban under the Brihanmumbai Municipal Corporation.
As banks remain shut on public holidays, clearing and settlement operations are also impacted. This is why stock exchanges typically suspend trading during major elections or public events.
In a circular, the BSE announced that equity derivatives contracts earlier scheduled to expire on January 15, 2026, have been advanced to January 14, 2026. The NSE has also revised its earlier communication, confirming that January 15 is a full trading holiday for both the capital market and futures and options segments.
Earlier, the exchanges had listed January 15 only as a settlement holiday, suggesting limited trading. This has now been changed, with the day officially declared a complete market holiday.
While equity markets remain shut, commodity trading on the Multi Commodity Exchange (MCX) is partially operational.
MCX will remain closed during the morning session from 9:00 AM to 5:00 PM due to polling. Trading in bullion contracts such as gold and silver will resume in the evening session from 5:00 PM to 11:55 PM. For select agricultural commodities, trading will be allowed only until 9:00 PM.
Polling for the Brihanmumbai Municipal Corporation and 28 other municipal bodies is being held today, with vote counting scheduled for January 16. Trading on Dalal Street is expected to resume once normal banking and settlement operations are restored.
With this update, Indian stock markets will remain closed for a total of 16 days in 2026. The next market holiday this month will be on January 26.
Key holidays in the first half of the year include Holi (March 3), Ram Navami (March 26), Mahavir Jayanti (March 31), Good Friday (April 3), Ambedkar Jayanti (April 14), Maharashtra Day (May 1), and Bakri Id (May 28).
In the second half of the year, markets will remain shut on Muharram (June 26), Ganesh Chaturthi (September 14), Gandhi Jayanti (October 2), Dussehra (October 20), Diwali Balipratipada (November 10), Guru Nanak Jayanti (November 24), and Christmas (December 25).
Independence Day falls on a weekend this year and will not result in an additional market holiday. Markets may remain open on February 1, despite it being a Sunday, if the Union Budget is presented on that day. An official confirmation is awaited.
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