Stock market holiday: BSE, NSE to remain closed on May 20 amid Lok Sabha elections in Mumbai

The National Stock Exchange of India (NSE), on April 8, declared May 20 as a trading holiday in Mumbai due to the general elections voting, as per the notification released by the exchange.

"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.

Last month, the Election Commission declared that Lok Sabha elections in Maharashtra will be conducted over five phases, scheduled for April 19, April 26, May 7, May 13, and May 20.

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Additionally, the NSE also announced that the maturity date for the Nifty Midcap Select options contract will be May 17, instead of May 20.

Voting is scheduled to take place on May 20 for Lok Sabha seats in 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 close on May 1 on account of Maharashtra Day. Preceding that, the market will also remain shut for trading for Ramzan Id on April 11 and Ram Navami on April 17.

In both 2014 and 2019, the Indian stock exchanges BSE and NSE declared a trading holiday, with Forex and money markets also closed on voting days during those years.

On Monday, April 8, buoyed by favorable global signals and a decline in crude oil prices, India's stock market indices, the Sensex and the Nifty 50, concluded the day at new record closing highs.

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Monday saw the Sensex initiating trading at 74,555.44, surpassing its prior closure of 74,248.22. It surged to a new peak of 74,869.30 within the session. Ultimately, the 30-share pack concluded at 74,742.50, marking a gain of 494 points or 0.67%. Notably, 22 stocks closed in positive territory.

The Nifty 50 commenced trading at 22,578.35, surpassing its prior close of 22,513.70. It soared to a new peak of 22,697.30 before settling at 22,666.30 by the end of the day, marking a gain of 153 points, or 0.68 percent. Among the Nifty 50 constituents, 37 stocks concluded the session with gains.