In May, the Indian stock exchanges were closed for two days. In observance of Maharashtra Day, both exchanges were closed on May 1.
The BSE and NSE were also closed on May 20 in addition to May 1 due to the general elections, which included competing for all six Lok Sabha seats in Mumbai in the fifth round of the seven-phase electoral process.
Voting for the seventh and final phase of the Lok Sabha Elections 2024 has started today, Saturday, June 1. The candidates running for 57 seats in seven states and one Union Territory, including Prime Minister Narendra Modi, will be decided upon.
Seventh phase voting is underway today in the following states: Punjab (all 13 seats), Uttar Pradesh (13 seats), West Bengal (9 seats), Bihar (8 seats), Himachal Pradesh (all 4 seats), Jharkhand (3 seats), Odisha (six seats), and the one seat in Chandigarh Union Territory.
Together with the Lok Sabha elections, Odisha is also holding elections for 42 assembly seats. On June 4, the votes will be counted.
Here’s a list of stock market holidays in 2024 –
June 17, 2024 – Bakrid
July 17, 2024 – Muharram
August 15, 2024 – Independence Day
October 2, 2024 – Gandhi Jayanti
November 1, 2024 – Diwali
November 15, 2024 – Guru Nanak Jayanti
December 25, 2024 – Christmas
Stock Market update
On Friday, May 31, the benchmarks of the Indian stock market, the Sensex and the Nifty 50, completed the last five sessions with modest increases, ending a losing run. This was driven by advances in key heavyweights including HDFC Bank, ICICI Bank, L&T, and Reliance.
Concern over the Lok Sabha election of 2024 has recently put pressure on the domestic stock market. According to market experts, the market sentiment has recently been impacted by significant capital outflows by foreign institutional investors (FIIs), conflicting global cues, waning expectations of rate cuts, and worries about geopolitical tensions.
With the benchmarks and the second-rung mid and smallcap indexes finishing the day higher, there was modest buying interest on the domestic market on Friday.
With 15 stocks rising, the Sensex ended the day 76 points, or 0.10 percent, higher at 73,961.31. With 26 stocks in the green, the Nifty 50 ended the day 42 points, or 0.19 percent, higher at 22,530.70.
“The equity market remained volatile with a downward bias all through the week trying to factor in the likely outcomes of the national election results. Early next week, as the counting of votes begins, it is likely that the market may continue to be on tenterhooks till the final results are announced, and the market resumes a definitive direction. While the economic fundamentals remain robust, with the secular uptrend remaining quite intact, the fact that the market has become relatively more expensive in the recent past could result in some profit booking,” said Dr. Joseph Thomas, Head of Research, Emkay Wealth Management.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 01 Jun 2024, 08:00 AM IST
