Indian stock markets joined a broader closure in Maharashtra on November 20, 2024, to ensure smooth voting during the state's highly anticipated Legislative Assembly elections. The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) halted trading activities, encompassing equity, derivatives, and securities lending and borrowing segments. This decision aimed to facilitate voter participation and support the logistical demands of the electoral process.
The markets had already seen two other closures earlier in November, marking Diwali on November 1 and Guru Nanak Jayanti on November 15. The next scheduled downtime for the markets will be in observance of Christmas on December 25.
With 4,136 candidates competing across 288 constituencies, the elections are a significant event, drawing major political entities such as the BJP, Shiv Sena, NCP, and Congress into the fray. Voting was conducted from 7 AM to 6 PM, ensuring ample time for the citizens to exercise their rights. The countdown now begins for the election results, set to be announced on November 23.
Beyond the stock market, the state saw a significant pause in daily routines, with banks, liquor stores, and educational institutions also shutting their doors. Employees were granted paid leave, underscoring the importance placed on civic participation. Even Prime Minister Narendra Modi lent his influential voice to encourage an enthusiastic turnout at the polls.
The pre-election trading session on November 19 reflected a market intent on stability, with the Sensex showing a marginal increase to 77,578.38 points and the Nifty closing at 23,518.50 points. This mix of market trends underscored investor caution amid the political climate.