What a closed day changes
A market holiday is not simply a day nothing happened.
A trading holiday is a day the exchange holds no session at all. Its real effect is on the days around it. Settlement counts only settlement days, so a closure pushes the credit from a sale later. A scheduled expiry that lands on one moves earlier, to the previous trading day. The dates themselves are published by circular, in advance.
A holiday moves settlement forward. It does not pause the calendar it settles on.
The exchange can be shut for equities and open for something else on the same date.
Muhurat trading is a real session with real settlement, not a ceremony.
A gap in any market dataset is far more often the calendar than a failure.
Consequences
What actually changes, by what you were trying to do
The rows are keyed by intention rather than by date. The date is easy to look up, and the consequence is what people get wrong. Every row assumes the equity cash market is closed on the day in question.
| What you were doing | What the holiday does | The part people miss |
|---|---|---|
| Selling shares for the money | Settlement counts SETTLEMENT days, so each holiday it crosses pushes the credit later by a full day. | A Thursday sale before a long weekend can leave the proceeds unavailable well into the following week. |
| Holding a derivative near expiry | When the scheduled expiry day is a holiday, expiry moves to the previous trading day. | It moves EARLIER, not later. Everyone expecting the usual weekday is a day late. |
| Placing an order the night before | There is no session, so nothing queues and nothing executes. | Broker cut-offs and margin obligations still run on their own calendars regardless. |
| Reading a chart or a dataset | No session means no bar, so a visible gap appears in any series built from sessions. | The gap is the calendar, not missing data. Filling it with a flat value invents a day that never existed. |
| Trading on Diwali | Muhurat is a short, scheduled session, notified separately by the exchange each year. | It settles normally. It is a real trading day for every purpose, including tax. |
The mistake this page exists to stop
Counting settlement in calendar days
T+1 means one TRADING day, not one day. Weekends already stretch it, and a holiday next to a weekend stretches it further. That is exactly when people are most likely to have assumed the money would be there. This is the single most common surprise on this subject, and it costs nothing to avoid.
The exchange publishes its holiday list by circular well in advance, and it can be amended. A calculator that steps over weekends and holidays for you is more reliable than counting by hand. You may not have refreshed your own copy of the list.
Source
Which document decides these dates
Every date behind this page comes from the NSE Capital Market holiday calendar — circular NSE/CMTR/71775 (12 Dec 2025), with addendum NSE/CMTR/72260 (12 Jan 2026) — last read on 2026-09-07. That is the day the calendar was last checked. A circular published after it is not reflected here until the calendar data is updated. The same data answers the holiday list, the full-year calendar, the live open-or-closed check and the settlement calculator. None of the four can disagree with another.
Look up the dates and the arithmetic
T+1 settlement date calculator
This page says a closure pushes the credit later. The calculator works out how much later for a particular trade date. It counts settlement days, stepping over every published holiday, settlement holidays included.