Indian stock markets will remain shut on Monday for Lok Sabha polls
May 19, 2024
New Delhi [India], May 19 : The stock market will remain closed on Monday for the Lok Sabha elections in Mumbai. The normal trade will resume on Tuesday. The next holiday after May 20 is scheduled for June 17 for Bakrid.
The six seats in Mumbai that go to the polls on Monday are Mumbai North, Mumbai North West, Mumbai North East, Mumbai North Central, Mumbai South and Mumbai South Central. The other constituencies of Maharashtra that will be part of the ongoing election in the fifth phase include Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi and Thane.
On Saturday, the stock exchanges organised a special session for trading in which the investors showed enthusiasm and the market closed on the green mark.
On Saturday, BSE Sensex closed at 73,959 points with a rise of 42 points, similarly the Nifty of the NSE closed at the level of 22,502 points with a gain of 35.91 points.Shares of Nestle India, Power Grid, Tata Motors, Hindalco, ONGC, Divis Lab, and TCS saw a rise.
The Dalal Street, after the period of uncertainty about the election outcome, is now bullish as the market experts believe the positive trend will continue.
After the much-discussed India VIX, also known as the Fear Gauge, appears to have vanished recently, the Indian stock market appears to be positive. The benchmark stock indices have increased significantly over the last several sessions, including the special trading session on Saturday, which has resulted in investors earning healthy returns on their investments.
Analysts now predict that the upward trend in the key Indian stock market indexes will last through this following week, beginning on Tuesday.
"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," said Vinod Nair, Head of Research, Geojit Financial Services.
Brokerage Prabhudas Lilladher in its latest report, 'India Strategy Report - Mandate 2024, Brace of Volatility' said it expects a continuation of the policy if the BJP-led NDA comes back to power and themes around infrastructure, defense, capital goods (CG), new energy, and tourism will continue to do well.
Maharashtra has 48 Lok Sabha seats, the second largest after Uttar Pradesh. Voting for the first four phases has concluded and for the fifth phase of the Lok Sabha polls, polling is set to be held on May 20.
The 2024 Lok Sabha elections are being held in seven phases running from April 19 to June 1. The counting and results will be declared on June 4.
