Stock Market Holiday on November 20: “The elections in Maharashtra are crucial and could affect the stock market because the state is one of India’s most industrialized and makes a substantial contribution to the nation’s GDP,” said Master Capital Services.
Indian equity markets to remain shut on Wednesday, November 20 on account of Assembly Elections in Maharashtra. The trading will not take place on NSE, BSE, and MCX for the segments including equities, futures and options, commodities, commodity derivatives, securities lending & borrowing, etc.
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However, trading will resume on MCX for the evening session from 5 pm to 11:55 pm (till 09:00 pm for selected Agri Commodities).
“Trading Holiday on November 20, 2024, on account of Assembly Elections in Maharashtra. The Exchange hereby notifies Wednesday, November 20, 2024, as a trading holiday on account of Assembly Elections in Maharashtra. Members are requested to take note of the same,” said NSE in a circular.
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Assembly Elections in Maharashtra
The Assembly Elections in Maharashtra are to be held on November 20. The voting will begin from 7 am to 6 pm across 288 constituencies, and the results will be announced on November 23. This year, there are 4,136 candidates running, representing a 28% rise from the 3,239 candidates in 2019.
“The elections in Maharashtra are crucial and could affect the stock market because the state is one of India’s most industrialized and makes a substantial contribution to the nation’s GDP. Market expansion can be fueled by a clear mandate for a business-friendly government that will increase investor confidence and draw in investments,” said Vishnu Kant Upadhyay, Assistant Vice President of Research and Advisory at Master Capital Services.
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Markets recap
Indian equity indices closed the session on a little higher note on November 20 after sliding from the day’s high on weak market cues due to geopolitical tensions in Ukraine and Russia.
“If the ongoing war sees further escalation, risk-off sentiment in equity markets may continue fuelling extended selloffs,” said Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
The Nifty 50 closed the session 65 points or 0.28% higher at 23,518 while the 30-stock Sensex ended 240 points or 0.31% at 77,578.
“Fresh selling was witnessed during the second half of the trading session where the bears once again took complete control of the markets. The first half belonged to the bulls as they managed to take the index close to the resistance of 23,800 but the bears emerged in full strength in the second half taking the index below 23,500 on an intraday basis. It was a very volatile session and neither the bulls nor the bears wanted to give up,” said Tejas Shah, Technical Research, JM Financial.
