Lok Sabha elections 2024: The Indian stock markets are expected to remain closed on May 20, 2024, the scheduled date for Lok Sabha elections in the financial capital Mumbai and several other constituencies across the country, as per a report by Moneycontrol.
Although there has been no official confirmation from the stock exchanges yet, a trading holiday on the polling day is widely anticipated, following the precedent set in the previous general elections of 2014 and 2019.
Also Read | Lok Sabha Election Date 2024: Delhi to vote on May 25, Mumbai to go to polls on May 20
Livemint could not independently verify this news development.
The potential market closure on May 20 aligns with Section 25 of the Negotiable Instruments Act 1881, which underscores the significance of citizens’ participation in the electoral process, the report added.
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The 2024 Lok Sabha elections are slated to be conducted in a single phase, Phase 5, on May 20. Mumbai city and its suburbs alone account for six Lok Sabha seats, including Mumbai North, Mumbai North-West, Mumbai North-East, Mumbai North-Central, Mumbai South-Central, and Mumbai South. Additionally, the constituencies of Thane, Kalyan, Bhiwadi, and Palghar will also go to polls on the same day.
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The vote counting for the 2024 general elections is scheduled for June 4, 2024.
In the previous two general elections, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) had declared trading holidays on the respective polling days. Forex and money markets had also remained closed to facilitate the electoral process.
On Friday, March 15, the benchmark indices Sensex and Nifty closed marginally lower, with the Sensex settling at 72,643, down 0.6 per cent, and the Nifty ending at 22,023, a decline of 0.5 per cent.
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Published: 17 Mar 2024, 06:35 AM IST