Indian stock markets will be closed on Wednesday, 20th November 2024, due to the Maharashtra assembly elections.
There will be no trading on both the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) that day. This announcement has been made officially by the stock exchanges.
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Other Markets Closed on Election Day
In addition to the stock market, there will also be a holiday for the currency market and commodity exchange on the same day.
The decision has been made because of the elections in Maharashtra and the political activities in Mumbai, which is the financial capital of India.
12 Days of Stock Market Holidays in November
The stock market will remain closed for a total of 12 days in November. This includes both official holidays and weekends (Saturdays and Sundays).
The market was already closed on 1st November for Diwali, and it will also be closed on 15th November for Guru Nanak Jayanti. The market will then be closed again on 20th November for the Maharashtra elections.
Voting and Counting in Maharashtra Assembly Elections
Voting for the 288-member Maharashtra Assembly will take place on 20th November, and the counting of votes will happen on 23rd November.
The holiday has been declared to allow people in Mumbai and Maharashtra to participate in the voting process without any work-related distractions.
Official Notification from NSE
The National Stock Exchange (NSE) has issued an official notification confirming that the trading holiday on 20th November will be observed in light of the Maharashtra assembly elections.
Voting will take place for the 288-member assembly on this day, with vote counting scheduled for November 23.
Political Impact and Voter Participation
Along with the Maharashtra elections, Jharkhand assembly elections and by-elections for nine assembly constituencies in Uttar Pradesh will also take place on November 20.
The holiday on the stock market aims to ensure that all Mumbaikars and residents of Maharashtra can participate in the voting process, minimizing any distractions caused by financial activities.