On the occasion of Muharram, holidays are declared in schools, colleges, government offices and banks across the country. So this time Muharram will be on 7th July instead of 6th July, but there will be a public holiday on that day.
Stock markets will remain closed on Muharram: National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will remain closed on Muharram. This includes trading in shares, equity derivatives, SLB (Securities Lending and Borrowing), currency derivatives and interest rate derivatives.
Importance of Muharram in Islamic Calendar:
Muharram marks the beginning of the new Islamic year. It is considered one of the holiest months in the Islamic calendar. The day of Ashura, which falls on the 10th day of Muharram, has special significance. For many Muslims, especially those of the Shia sect, Ashura is a day of mourning. It is observed to commemorate the martyrdom of Imam Hussain ibn Ali, the grandson of Prophet Muhammad, who was killed in the Battle of Karbala in 680 AD.