India’s currency, debt and equity markets will not be operating today due to International Labour Day or May Day which is a public holiday. Financial markets will resume trading on Monday, May 4.
On Thursday, the NSE Nifty 50 index closed at 3.21% higher at 9,859.9, while the benchmark S&P BSE Sensex ended up 3.05% at 33,717.62.
The 10-year benchmark bond yield ended at 6.35%, while the rupee’s performance was at 75.1 to the dollar.
International Labour Day is observed around the world in a bid to honour the struggles and gains performed by the workers and labourers. The day is celebrated on the first day. It is also popularly known as May Day or International Workers’ Day.
On 1 May, 1886, labour unions in the United States made a decision to call a strike on demanding that workers should not be made to work for more than 8 hours a day.
Just three days after the initiation of the strike, a blast occurred in Chicago’s Haymarket Square killing several workers.
In a bid to honor those who were killed in the blast, the International Socialist Conference declared 1 May as a day designated for labourers.