Both the benchmark Indian equity markets, BSE Sensex and NSE Nifty, will remain closed on Monday, May 20, owing to the Lok Sabha general elections. This closure includes equity, equity derivatives, SLB, and currency segments, as per the BSE’s website. The markets are set to reopen on Tuesday, May 21.
This closure aligns with Section 25 of the Negotiable Instruments Act 1881, acknowledging citizens’ participation in the electoral process.
On May 20, Maharashtra will witness voting in several Lok Sabha constituencies including Dhule, Dindori, Nashik, Bhiwandi, Kalyan, Thane, Mumbai North, Mumbai North West, Mumbai North East, Mumbai South, Mumbai South Central, Mumbai North Central, and Palghar.
Initially scheduled in five phases on April 19, April 26, May 7, May 13, and May 20, the Lok Sabha polls in Maharashtra will conclude on May 20.
Following this General Elections holiday, the next stock market holiday will be on ‘Bakri Id’ on June 17, 2024 (Monday). In total, there will be 15 market holidays in 2024, with seven more holidays remaining after the Lok Sabha election holiday. The next holiday after Ram Navami is Maharashtra Day on May 1.
However, for the currency derivatives segments, there are 20 holidays in the current calendar year 2024, including the Lok Sabha Elections holiday. Nine more holidays remain, with the next holiday being Buddha Pournima on May 23 (Thursday).
On Friday, despite mixed global signals and uncertainties surrounding the US Fed, the Indian market witnessed a robust recovery. Equity benchmarks Sensex and Nifty closed higher, with buying in index majors such as M&M, Reliance Industries, and ITC aiding the rebound from early lows. The 30-share BSE Sensex climbed 253.31 points, or 0.34 percent, settling at 73,917.03. The NSE Nifty advanced 62.25 points, or 0.28 percent, reaching 22,466.10.
M&M emerged as the biggest gainer on the Sensex chart, rising 5.97 percent, followed by JSW Steel, Ultra Cement, Kotak Bank, ITC, and NTPC.
