The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) to Remain Closed on May 20 for Lok Sabha Election 2024 Voting Phase
The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will be observing a significant closure on May 20. This is due to the fifth voting phase for the Lok Sabha Election 2024 in Mumbai, marking the second holiday of the month. The closure is in line with the seven-phase election, as all six seats in the city are set for polling.
Other than May 20, the market was closed on May 1 this month due to Maharashtra Day, commemorating the establishment of the state of Maharashtra on May 1, 1960. This followed the linguistic reorganisation of Indian states.
The Lok Sabha elections in Maharashtra are structured across five phases, with the first four taking place on April 19, April 26, May 7, and May 13 respectively. The final phase is slated for May 20, followed by the tallying of votes on June 4.
In light of the fifth phase of the general election, banks in Maharashtra will remain closed on May 20. This phase encompasses voting in 13 out of the state’s 48 Lok Sabha constituencies, including Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi, Thane, Mumbai North, Mumbai North-West, Mumbai North-East, Mumbai North-Central, Mumbai South-Central, and Mumbai South.
The Sensex and Nifty 50, key domestic stock market indicators, concluded Saturday’s trading session with upward momentum. This extends their recent three-day rally, buoyed by fresh foreign investments and favorable global signals. Every sectoral index finished in positive territory, with small and mid-cap indices surpassing the benchmarks in performance.
During the second special trading session, the 30-share BSE Sensex concluded at 74,005.94, marking an increase of 88.91 points, or 0.12%. The NSE Nifty 50 climbed to 22,502.00, showing a rise of 35.90 points, or 0.16%. Across the broader market, the Nifty Midcap 100 saw a 0.51% uptick, while the Nifty SmallCap 100 surged by 0.82%. On Saturday, the fear gauge index, India VIX, recorded a 3.67% increase in closure.
On May 7, the BSE and NSE disclosed plans for a particular trading session in the equities and equity derivative divisions scheduled for May 18. This session evaluates their preparedness to manage substantial outages or interruptions at the primary site.
