As millions head to the polls on Wednesday (November 20) for the Maharashtra Legislative Assembly Election 2024, the Indian stock markets will remain closed in observance of the election.
The Election Commission of India (ECI) earlier announced the election will take place in a single phase, with 288 seats up for grabs and a record 4,136 candidates in the fray.
This closure will affect both the headline indices of the country, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE). Furthermore, the indices will resume regular trading the following day, that is November 21.
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Market Performance on November 19
Ahead of the Maharashtra Assembly Election 2024 voting, the market had a steady closure with the BSE Sensex and NSE Nifty ending the day on a flat note. The Sensex ended the day at 77,578.38, a 0.31 per cent surge, while the Nifty finished the day at 23,518.50, up by 0.28 per cent.
Top Gainers and Laggards
From the Sensex pack, the major gainers were M&M, Tech Mahindra, HDFC Bank, Sun Pharma, and Tata Motors,. On the other side, stocks like Reliance, SBI, Tata Steel, Bajaj Finserv, and Maruti took a hit, dragging the index slightly down.
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Commodity Market to See Limited Trading
Although the stock markets will remaine closed on November 20, the commodity markets will experience a partial break.
The Multi Commodity Exchange (MCX) will remain closed for the morning session, from 9 AM to 5 PM. However, the evening session will open from 5 PM to 11:55 PM, and for certain agricultural commodities, trading will end at 9 PM.
NCDEX Closes for the Day
The National Commodity & Derivatives Exchange (NCDEX), the largest agricultural commodity exchange in India, will remain closed for the entire day.
Vote Counting and Market Resumption
After the elections conclude, vote counting will take place on November 23, 2024, and the markets will likely react to the election results. With Maharashtra being a key state, the political landscape could have a significant impact on market movements.
