In a move that has sent ripples through global financial markets, US President Donald Trump has nominated Kevin Warsh to succeed Jerome Powell as the Chair of the Federal Reserve when Powell’s term expires in May. Warsh served as a Fed Governor from 2006 to 2011.

According to Seth R Freeman, Senior Managing Director of GlassRatner Advisory and Capital Group, one of the first tasks for the new appointee will be to establish credibility with the global markets. 

This is especially relevant against the backdrop of the turbulent relationship between Trump and Powell in the last few months.

“I think he will want to operate with a sense of independence to demonstrate his integrity. Like anybody starting a new job, and this is a complicated one, he needs to establish credibility with the market, with the global market, with business. This would be a bad time to basically appear to be a Patsy for the President,” Freeman added.

One of the primary relief points for the markets is the potential end to the public friction between the President and the Fed Chair.

“If this helps mitigate the president saying outrageous things about the Fed and the Fed chairman, that will create some stability.”

The nomination triggered immediate market reactions. Precious metals, which had enjoyed a dramatic rally in recent months, suffered sharp declines. Gold and silver prices crashed significantly, with the white metal experiencing one of its steepest single-day drops. Freeman attributed this to expectations of a stronger US dollar and a shift in the monetary environment.

“Just look at this huge decline in gold, and an even more massive decline in silver indicates that we’re going to have a stronger dollar and a different environment going forward, especially silver,” he said.

“I wouldn’t be surprised if metals do not rebound significantly in light of this nomination,” Freeman added.

With Warsh’s hawkish leanings, traders who were heavily positioned in precious metals could face losses, particularly those not hedged or short on the positions.

“I think there’s going to be some traders perhaps being in deep trouble on Monday, the ones that at least weren’t neutral or shorting these precious metals,” the analyst said.

ALSO READ: Trump Picks Kevin Warsh To Succeed Jerome Powell As New US Fed Chairman

On the US dollar, Freeman described the uptick as a “rebalancing” and some “enthusiasm” rather than a dramatic surge, following a recent decline. He cautioned that the coming months, including the Senate confirmation process, would be crucial in shaping longer-term trends.

Warsh is known as an inflation hawk, with a long-standing focus on controlling price pressures. This is a stance that aligns with concerns among American households about persistent inflation in key areas, Freeman said.

He pointed out that this inflation focus could serve as a political asset for the administration while addressing core economic worries.

“This man is known for being independent. I was reading that there’s still some expectation that there could be two more rate cuts this year, in spite of his orientation towards inflation,” Freeman concluded.

The National Stock Exchange (NSE) and BSE will remain closed on Jan. 26 to mark Republic Day, according to the NSE’s official holiday list. 

This is the second stock market holiday in January after Jan. 15.

Trading in equity derivatives, securities lending and borrowing (SLB), currency derivatives and electronic gold receipts (EGR) will remain suspended on Jan. 26.

It is also important to note that the stock market remains closed on all Saturdays and Sundays.

Stock Market Holidays In 2026

The stock market has 16 trading holidays in 2026, excluding Saturdays and Sundays, as per the NSE calendar. The remaining holidays in the year are as follows:

• Jan. 26: Republic Day (Monday)
• March 3: Holi (Tuesday)
• March 26: Shri Ram Navami (Thursday)
• March 31: Shri Mahavir Jayanti (Tuesday)
• April 3: Good Friday (Friday)
• April 14: Dr. Baba Saheb Ambedkar Jayanti (Tuesday)
• May 1: Maharashtra Day (Friday)
• May 28: Bakri Id (Thursday)
• June 26: Muharram (Friday)
• Sept. 14: Ganesh Chaturthi (Monday)
• Oct. 2: Mahatma Gandhi Jayanti (Friday)
• Oct. 20: Dussehra (Tuesday)
• Nov. 10: Diwali-Balipratipada (Tuesday)
• Nov. 24: Prakash Gurpurb Sri Guru Nanak Dev (Tuesday)
• Dec. 25: Christmas (Friday)

Nov. 8 is a trading holiday as it falls on a Sunday, as well as being the day of Diwali Laxmi Pujan. A special ‘Muhurat Trading’ session will be held on that day. The timings for the Muhurat trading session will be notified by the BSE and NSE at a later date.

ALSO READ: Are Banks Open Or Closed For Republic Day Celebrations?

Regular Stock Market Operations

Trading on the equities segment happens on all days of the week (other than Saturdays and Sundays and holidays declared by the Exchange in advance). The market timings of the equities segment are given below: 

A) Pre-open session 

Order entry and modification Open: 9:00 a.m. 

Order entry and modification Close: 9:08 a.m.

[With random closure in the last one minute. Pre-open order matching starts immediately after the close of pre-open order entry.]

B) Regular trading session

Normal / Limited Physical Market Open: 9:15 a.m. 

Normal / Limited Physical Market Close: 3:30 p.m.

C) Closing Session

The Closing Session is held between 3:40 p.m. and 4:00 p.m.

D) Block Deal Session Timings

Morning Window: This window shall operate between 8:45 a.m. and 9 a.m.

Afternoon Window: This window shall operate between 2:05 p.m. and 2:20 p.m.

The Exchange may, however, close the market on days other than the above-scheduled holidays or may open the market on days originally declared as holidays. The Exchange may also extend, advance, or reduce trading hours when it deems fit and necessary.

Republic Day 2026

January 26, 2026, marks India’s 77th Republic Day. It is a momentous occasion that blends historical reverence with a modern vision for the future.

Key Highlights of the 77th Republic Day

• Theme: The central theme for 2026 is “150 Years of Vande Mataram,” celebrating the legacy of the national song as a symbol of India’s cultural continuity and collective consciousness. A secondary theme, “Atmanirbhar Bharat” (Self-Reliant India), highlights the nation’s technological and military progress.

• Chief Guests: In a significant diplomatic gesture, India has invited two leaders from the European Union: Ursula von der Leyen (President of the European Commission) and António Costa (President of the European Council).

• Military Firsts: The parade at Kartavya Path features a new “Battle Array” formation, showcasing military assets in combat-ready sequences rather than just traditional marching.

Why is Republic Day Important?

Republic Day is not just a holiday; it marks the day India transitioned from a British dominion to a Sovereign Democratic Republic.

1. Adoption of the Constitution: While India gained independence in 1947, it was on January 26, 1950, that the Constitution of India came into effect. This document is the “software” of the nation, guaranteeing fundamental rights and establishing the rule of law.

2. The Choice of Date: January 26 was specifically chosen to honor the “Purna Swaraj” (Complete Independence) declaration made by the Indian National Congress in 1930.

3. Sovereignty of the People: It marks the moment when the ultimate power of the nation was formally placed in the hands of its citizens, who elect their own representatives.

4. Unity in Diversity: The annual celebrations, featuring tableaux from various states and cultural performances, serve as a powerful reminder of India’s ability to remain unified despite its immense diversity.

“The Constitution is not a mere lawyer’s document, it is a vehicle of Life, and its spirit is always the spirit of Age.” — Dr. B.R. Ambedkar

Representative image
| Photo Credit: Reuters

Representative image
| Photo Credit: Reuters

Representative image
| Photo Credit: Reuters

Image for representative purposes only
| Photo Credit: PAUL NORONHA

Equity benchmark indices Sensex and Nifty rallied for the third session on the trot, helped by a rally in global markets after lower-than-expected consumer inflation in the U.S. ignited hopes of more rate cuts by the Federal Reserve.

The 30-share BSE index climbed 318.74 points or 0.42% to revisit 77,000 level at 77,042.82. During the day, it jumped 595.42 points or 0.77% to 77,319.50.

On the similar lines, the NSE Nifty rallied 98.60 points or 0.42% to 23,311.80.

“Benchmark indices continued to trade in the positive, albeit off highs, driven by positive investor sentiment following mild U.S. inflation data, which raised hopes for a potential rate cut by the Federal Reserve.”

“Additionally, favourable developments in the Israel-Hamas ceasefire and a reduced trade deficit further boosted the market’s upward movement. However, weak economic growth data from the UK dampened some of this optimism,” Vinod Nair, Head of Research, Geojit Financial Services, said.

From the 30-share blue-chip pack, Adani Ports, State Bank of India, Bajaj Finserv, Bharti Airtel, Tata Motors, IndusInd Bank, NTPC, Maruti, Reliance Industries and Axis Bank were the biggest gainers.

In contrast, HCL Tech, Nestle, Infosys, Hindustan Unilever, ITC and Tata Consultancy Services were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

Equity markets in Europe were quoting higher. US markets rallied on Wednesday (January 15, 2025).

Foreign Institutional Investors (FIIs) offloaded equities worth ₹4,533.49 crore on Wednesday (January 15, 2025), according to exchange data.

Global oil benchmark Brent crude dipped 0.18% to $81.88 a barrel.

In the previous session, the BSE benchmark rose 224.45 points or 0.29% to settle at 76,724.08 on Wednesday (January 15, 2025). The Nifty advanced 37.15 points or 0.16% to 23,213.20.

Image for representational purposes only
| Photo Credit: Reuters

Benchmark indices Sensex and ticked higher for the second straight session on Wednesday (January 15, 2025), buoyed by buying in bellwether stock Reliance Industries, Zomato and Kotak Bank amid a largely firm trend in global markets.

However, elevated crude oil prices in the international markets and buying by foreign investors weighed on market sentiment, traders said.

The 30-share BSE index climbed 224.45 points or 0.29% to close at 76,724.08. During the day, it jumped 491.42 points or 0.64% to 76,991.05.

As many as 2,150 stocks advanced while 1,806 declined and 108 remained unchanged on the BSE.

The NSE Nifty advanced 37.15 points or 0.16% to 23,213.20.

“The domestic market continues to be volatile on account of elevated US bond yields, strengthening dollar, and increasing FIIs outflows. Global markets are cautious ahead of the US December CPI inflation data, which is anticipated to be in the elevated range in the short term, limiting the U.S. Fed’s ability to cut rates.

“Also, a rise in oil prices and dollar appreciation is likely to affect domestic inflation in the near future,” Vinod Nair, Head of Research, Geojit Financial Services, said.

From the Sensex blue-chip pack, Zomato jumped over 4%. NTPC, Power Grid, Kotak Mahindra Bank, Maruti, Tech Mahindra, Larsen & Toubro, Reliance Industries and Adani Ports were the other big gainers.

Mahindra & Mahindra, Bajaj Finserv, Bajaj Finance, Axis Bank and Tata Motors were among the laggards.

The BSE smallcap gauge climbed 0.34%, and the midcap index went up by 0.11%.

Among BSE sectoral indices, utilities jumped 2.45%, power (1.75%), realty (1.58%), services (0.98%), BSE Focused IT (0.74%) and consumer discretionary (0.62%).

Auto, oil & gas, FMCG and healthcare were the laggards.

“Markets traded in a subdued manner and ended marginally higher, extending Tuesday’s trend. The market seems to be pausing as recovery attempts face resistance, though select heavyweight stocks are limiting the downside. Investors are now closely eyeing earnings from Reliance, Infosys, and Axis Bank for directional cues,” Ajit Mishra – SVP, Research, Religare Broking Ltd, said. In Asian markets, Hong Kong settled in the positive territory, while Seoul, Tokyo and Shanghai ended lower.

European markets were quoting higher. U.S. markets ended mostly higher on Tuesday (January 14, 2025).

The rupee settled with a gain of 13 paise at 86.40 (provisional) against the U.S. dollar on Wednesday (January 14, 2025).

Global oil benchmark Brent crude climbed 0.38% to $80.22 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹8,132.26 crore on Tuesday (January 14, 2025), according to exchange data.

In the previous session, the BSE benchmark rose 169.62 points or 0.22% to settle at 76,499.63. The Nifty climbed 90.10 points or 0.39% to 23,176.05.

Image used for representational purpose.
| Photo Credit: Reuters

India’s record-breaking capital-raising spree will continue in 2025 given the strong pipeline of firms looking to go public, the head of the country’s oldest exchange told Reuters.

“There are 90-plus companies that have already filed their draft prospectus with the regulator, looking to raise an estimated 1 trillion rupees ($11.65 billion) at some point this year,” Sundararaman Ramamurthy, the CEO of BSE said on Thursday.

Last year, 91 large firms went public on the BSE, earlier known as the Bombay Stock Exchange, and the NSE, or National Stock Exchange, raising a record 1.6 trillion rupees via initial public offerings (IPOs), according to analytics firm Prime Database.

Overall public equity fundraising more than doubled to 3.73 trillion rupees.

Mr. Ramamurthy said the IPO boom has more Offers for Sale (OFS), where large shareholders sell existing shares, with the proceeds going to them, instead of fresh issues that provide firms with capital to invest.

“I would like to see the OFS percentage coming down and fresh capital raising go up.”

BSE earned 1.57 billion rupees in listing fees in the first-half of 2024-25, according to East India Securities. This compares to 1.3 billion rupees in fees reported a year earlier.

Mr. Ramamurthy declined to comment on BSE’s financials ahead of its upcoming quarterly earnings.

The gains from the IPO pipeline, however, are being tempered by tighter rules for trading derivatives.

The notional value of derivatives traded in India has declined 40% since September, in anticipation of the new rules, while premiums have fallen 15%-20%, Mr. Ramamurthy said.

A further decline could be expected since three of the six new rules introduced by the markets regulator will be implemented by April.

“We have to wait till April to judge the final impact,” he said.

BSE’s shares have doubled since November 20 when the rules were implemented as analysts expect a lower impact on the exchange compared to the NSE, which has larger derivative trading volumes.

DIVERSIFYING REVENUE STREAMS BSE, which earns a major chunk of revenue from transaction charges and services to firms including listings, is looking to diversify its income streams, Mr. Ramamurthy said.

It aims to grow its index business, which licences indexes used by funds to benchmark investments.

“We have launched 15 indices since the middle of last year and there is room to continue working on that front,” he said.

It is also considering expanding its co-location services, which are in demand as high-frequency and algorithmic trading increase.

“There is good possibility of generating revenue (in co-location), but we have not made a decision yet. We will look at it after April once market volumes settle down.”

The gross domestic product (GDP) rate of 6.4% will be the lowest since the year of Covid (2020-21). File
| Photo Credit: PTI

Equity benchmark indices Sensex and Nifty ended marginally lower in a volatile session on Wednesday (January 8, 2025), as investors stayed on the sidelines ahead of the earnings season amid lower economic growth projections.

Unabated foreign fund outflows and mixed global market cues also dented sentiments.

However, buying in bellwether stocks TCS and Reliance Industries managed to restrict a steep decline in markets, traders said.

The 30-share BSE benchmark Sensex fell 50.62 points or 0.06% to settle at 78,148.49. During the day, it dropped 712.32 points or 0.91% to 77,486.79.

The NSE Nifty skidded 18.95 points or 0.08% to 23,688.95.

“Slowing economic growth projections and caution ahead of Q3 numbers added volatility in the market. However, the market witnessed a recovery from the day’s low owing to the accumulation of beaten-down blue-chip stocks and in expectation of government reforms in the upcoming budget to lift the tepid economy. The near-term sentiment is likely to be subdued due to the rise in U.S. bond yield and fear of fewer rate cuts by the Fed,” Vinod Nair, Head of Research, Geojit Financial Services, said.

From the 30-share blue-chip pack, Adani Ports, UltraTech Cement, Larsen & Toubro, Sun Pharma, HDFC Bank, ICICI Bank, NTPC and State Bank of India were the major laggards.

Tata Consultancy Services, Reliance Industries, ITC, Asian Paints, HCL Tech and Maruti were among the gainers.

Foreign Institutional Investors (FIIs) offloaded equities worth ₹1,491.46 crore on Tuesday (January 7, 2025), according to exchange data.

In Asian markets, Seoul and Shanghai settled in the positive territory, while Tokyo and Hong Kong ended lower.

European markets were trading in the green. U.S. markets ended lower on Tuesday (January 7, 2025).

Global oil benchmark Brent crude climbed 0.79% to $77.66 a barrel.

India’s economic growth rate is estimated to slip to a four-year low of 6.4% in 2024-25, mainly on account of poor showing by the manufacturing and services sector, according to government data released on Tuesday (January 7, 2025).

The gross domestic product (GDP) rate of 6.4% will be the lowest since the Covid year (2020-21) when the country witnessed a negative growth of 5.8%. It was 9.7% in 2021-22; 7% in 2022-23; and 8.2% in the last fiscal ended March 2024.

The BSE benchmark climbed 234.12 points or 0.30% to settle at 78,199.11 on Tuesday (January 7, 2025). The Nifty gained 91.85 points or 0.39% to 23,707.90.

From the 30 blue-chip stocks, State Bank of India, Maruti, Axis Bank, ICICI Bank, Mahindra & Mahindra and Power Grid were among the biggest gainers. File. Representational image

Benchmark indices Sensex and Nifty surged in early trade on Thursday (December amid a rally in Asian markets and buying in blue-chip bank stocks.

The 30-share BSE benchmark Sensex jumped 425.5 points to 78,898.37 in early trade. The NSE Nifty surged 123.85 points to 23,851.50. From the 30 blue-chip stocks, State Bank of India, Maruti, Axis Bank, ICICI Bank, Mahindra & Mahindra and Power Grid were among the biggest gainers.

Asian Paints, Tech Mahindra, Nestle and Tata Consultancy Services were among the laggards.

In Asian markets, Seoul, Tokyo and Shanghai were trading in the positive territory.

US markets were closed on Wednesday for Christmas.

The Indian economy is recovering from the slowdown in momentum witnessed in the September quarter, driven by strong festival activity and a sustained upswing in rural demand, according to a Reserve Bank of India (RBI) bulletin released on Tuesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,454.21 crore on Tuesday, according to exchange data.

The Indian stock markets were closed on Wednesday on account of Christmas.

Global oil benchmark Brent crude climbed 0.41 per cent to USD 73.88 a barrel.

After gyrating between highs and lows, the 30-share BSE index had declined 67.30 points or 0.09 per cent to settle at 78,472.87 on Tuesday. The Nifty dipped 25.80 points or 0.11 per cent to 23,727.65.