Indian stock markets, including the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE), will remain closed on Wednesday, November 20, 2024, as Maharashtra heads to the polls for its Legislative Assembly elections. This market holiday affects trading and settlement across stocks, derivatives, and securities lending and borrowing (SLB) segments.
Maharashtra assembly elections
The Election Commission of India (ECI) announced the Maharashtra Assembly elections on October 15, 2024. The state will see polling conducted in a single phase for 288 assembly seats. A total of 4,136 candidates are vying for positions in what promises to be a highly competitive election.
Vote counting is scheduled for Saturday, November 23, 2024. Given the importance of the elections, the stock exchanges and related financial activities have paused operations for the day.
Next market holiday
The subsequent market holiday is slated for Christmas Day, December 25, 2024. This will mark the final trading holiday of the year on Indian stock exchanges.
Stock market trading hours
On regular trading days, the domestic stock market operates from Monday to Friday, between 9:15 AM and 3:30 PM. A pre-open session from 9:00 AM to 9:15 AM allows investors to place orders ahead of the official trading hours. The exchanges remain closed on Saturdays and Sundays, adhering to standard operational protocols.
Commodity market operations
While the equity markets are shut on November 20, trading in the commodity markets will follow a partial schedule.
- Multi Commodity Exchange (MCX):
The MCX will suspend trading during the morning session, from 9:00 AM to 5:00 PM. However, trading will resume for the evening session, operating from 5:00 PM to 11:55 PM. Selected agricultural commodities will have trading hours until 9:00 PM. - National Commodity & Derivatives Exchange (NCDEX):
The NCDEX, India’s largest agricultural commodity exchange, will remain completely closed on November 20, 2024.
Contracts expiring on November 20 will be adjusted to conclude on the previous trading day, November 19, ensuring a seamless trading experience for participants.
Market recap: november 18, 2024
Indian equity benchmarks ended Monday’s session (November 18) on a weaker note, as global uncertainties weighed on market sentiment.
- BSE Sensex:
The Sensex dropped by 241.30 points, or 0.31%, closing at 77,339.01. It traded within the range of 76,965.06 to 77,886.97 during the session. - NSE Nifty50:
Similarly, the Nifty50 declined by 78.90 points, or 0.34%, settling at 23,453. The index fluctuated between 23,350.40 and 23,606.80. - Broader Markets:
The Nifty Smallcap100 index experienced a 0.53% loss, while the Nifty Midcap100 remained flat, reflecting mixed sentiments across broader market segments.
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Sectoral highlights
The technology sector faced the brunt of the losses, with the Nifty IT index plunging by 2.32%. Notable contributors to the decline included Coforge, Persistent Systems, HCL Tech, Tech Mahindra, and LTTS.
Other sectors also struggled:
- Nifty Media, Pharma, CPSE, and Healthcare indices saw declines of up to 1.60%, highlighting subdued performance across key verticals.
Maharashtra election: live updates
Polling in Maharashtra is expected to witness significant voter turnout, with authorities ensuring robust arrangements for smooth voting. The elections hold critical importance, with the state government playing a pivotal role in India’s economic and industrial landscape.
Global and domestic impacts
While Indian markets are closed for the day, global financial developments could influence domestic sentiment when trading resumes on Thursday, November 21. Investors will also be keenly observing updates from Maharashtra’s election to gauge potential policy impacts.
For those participating in commodity trading, MCX’s evening session offers an opportunity to adjust portfolios or make strategic trades based on market trends.
As financial markets pause to accommodate democratic processes, traders and investors alike await the resumption of trading activity, balancing the outcomes of political and economic developments.
