Even as the Lok Sabha elections are just going to take place in India in seven phases, the NSE has declared May 20, when the polls are scheduled in Mumbai, as a trading holiday.
This is in line with the Section 25 of the Negotiable Instruments Act 1881, which recognises the importance of citizens’ participation in the electoral process.
According to the Election Commission’s announcements last week, the Lok Sabha polls in Maharashtra will be held in five phases on April 19, April 26, May 7, May 13 and May 20.
“The exchange notifies Monday, May 20, 2024 as a trading holiday on account of Parliamentary Elections in Mumbai. Members are requested to take note of the same,” said NSE in a circular on April 8.
On May 20, voting would be held in the Lok Sabha seats of Dhule, Dindori, Nashik, Bhiwandi, Kalyan, Thane, Mumbai North, Mumbai North West, Mumbai North East, Mumbai South, Mumbai South Central, Mumbai North Central and Palghar.
The market will also be shut on May 1 for Maharashtra Day. Prior to that, markets will also be shut on Ramzan Id (April 11) and Ram Navami (April 17).
The date of vote counting is scheduled on June 4, 2024.
In 2014 and 2019, the Indian stock exchanges BSE and NSE had also announced a trading holiday. Forex and money markets were also closed during the voting day on those years.
On April 9, equity benchmark indices opened in green with the BSE Sensex rising 200 points to 75,051 and the NSE Nifty50 advancing by 54 points to 22,720. Nestle India, UltraTech Cement, Tata Motors, TCS, Infosys, Wipro, ICICI Bank led the gains on the Sensex, while Tech Mahindra and IndusInd Bank were among the top losers.
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