Indian stock markets will be closed for trading on Wednesday, November 20, 2024, in observance of the Maharashtra Legislative Assembly elections. The Election Commission of India (EC) had announced the election dates on October 15, 2024, and voting will take place on November 20 for all 288 seats, with over 4,000 candidates in the fray. Vote counting will be conducted on November 23, 2024.
In light of the elections, the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE) will not conduct any trading or settlement activities on November 20, including stocks, derivatives, and securities lending and borrowing (SLB) segments.
This marks the first market holiday in India for the week, with the next scheduled market holiday falling on Christmas Day, December 25, 2024.
Commodity Market Status
While the stock markets will remain closed, the commodity market will see partial trading on November 20. The Multi Commodity Exchange (MCX) will close for the morning session, which typically runs from 9:00 AM to 5:00 PM. However, the evening trading session will remain open from 5:00 PM to 11:55 PM, with Agri commodities available for trading until 9:00 PM.
On the other hand, the National Commodity & Derivatives Exchange (NCDEX), which is the largest exchange for agri commodities in India, will remain closed for the entire day in accordance with the election observance.
As for contracts expiring on November 20, 2024, these will be preponed to the previous trading day, Tuesday, November 19, 2024, allowing traders to settle positions ahead of the market closure.
Stock Market Recap
The domestic benchmark indices, BSE Sensex and NSE Nifty50, ended Monday’s trading session (November 18) in the red, influenced by weak global cues. The BSE Sensex dropped 241.30 points, or 0.31%, to close at 77,339.01, trading within a range of 76,965.06 to 77,886.97. Similarly, the NSE Nifty50 closed at 23,453, down 78.90 points, or 0.34%, with the index fluctuating between 23,350.40 and 23,606.80.
In broader markets, the Nifty Smallcap100 index saw a decline of 0.53%, while the Nifty Midcap100 index ended flat. Sectoral indices reflected weakness, with the Nifty IT index plunging 2.32%, driven down by declines in major IT stocks such as Coforge, Persistent Systems, HCL Tech, Tech Mahindra, and LTTS. Other sectors like Nifty Media, Pharma, CPSE, and Healthcare also ended in the red, with losses extending up to 1.60%.
Market Outlook
With the stock markets closed for elections on Wednesday, investors and traders will be looking ahead to Thursday, November 21, when the markets will resume normal trading hours. The closure may bring a temporary pause in market activity, but the outlook for the rest of the week remains focused on both global cues and domestic political developments, including the results of the Maharashtra elections.
