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Lok Sabha elections 2024: Stock market closed on May 20 for Mumbai polling day

May 19, 2024 9:08 PM IST

The stock market will remain closed on Monday due to the Lok Sabha elections in Mumbai, with normal trading set to resume on Tuesday. The next holiday is scheduled for June 17, in observance of Bakrid.

Stock exchanges on Saturday held a special trading session that saw enthusiastic participation from investors, resulting in a positive close for the market. The BSE Sensex ended at 73,959 points, up by 42 points, while the NSE Nifty closed at 22,502 points, gaining 35.91 points. Notable gains were seen in shares of Nestle India, Power Grid, Tata Motors, Hindalco, ONGC, Divis Lab, and TCS.

Following a period of uncertainty regarding the election outcomes, Dalal Street has turned bullish. Market experts believe that this positive trend will continue. The India VIX, known as the Fear Gauge, has recently declined, contributing to the positive sentiment. Benchmark stock indices have shown significant gains over recent sessions, including the special session on Saturday, providing healthy returns for investors.

Analysts predict that the upward trend in key Indian stock market indices will persist through the upcoming week, starting Tuesday. Vinod Nair, Head of Research at Geojit Financial Services, commented, “The broader market remained positive, driven by persistent buying in heavyweight sectoral stocks. Furthermore, a moderation in India’s CPI and lower-than-expected inflation figures from the US Fed have stimulated investor confidence.”

A recent report by brokerage Prabhudas Lilladher, titled “India Strategy Report – Mandate 2024, Brace for Volatility,” anticipates policy continuity if the BJP-led NDA returns to power. The report suggests that themes related to infrastructure, defense, capital goods (CG), new energy, and tourism will continue to perform well.

Maharashtra, with 48 Lok Sabha seats, is the second largest state in this regard after Uttar Pradesh. Voting for the first four phases of the Lok Sabha elections has concluded, and the fifth phase is scheduled for May 20.

The 2024 Lok Sabha elections are being conducted in seven phases, from April 19 to June 1, with counting and results to be announced on June 4.

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Last updated on: 19th June 2024