New Delhi: On account of upcoming Lok Sabha elections, the Indian stock markets are anticipated to remain closed on May 20, 2024. Voting in India’s financial capital, Mumbai has been slated for that day.
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While there hasn’t been an official announcement from the stock exchanges, it is widely expected that there will be a trading holiday on polling day, following the pattern set during the previous general elections in 2014 and 2019. During voting days, local governments announce holidays as per the Negotiable Instruments Act of 1881.
Adding further, the Election Commission declared that Lok Sabha elections in Maharashtra will be declared in five phases on April 19, April 26, May 7, May 13, and May 20. On May 20, voting will take place 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.
During the last two general elections, both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) were closed for trading on the days of the polls. Likewise, the forex and money markets were also shut down to support the electoral proceedings.
The benchmark indices Sensex and Nifty ended slightly lower on Friday, March 15th.
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The Sensex closed at 72,643, marking a 0.6 per cent decrease, while the Nifty settled at 22,023, showing a decline of 0.5 per cent.
