In May, the Indian stock exchanges had two holidays. They were closed on May 1 for Maharashtra Day and again on May 20 due to the general elections, which included all six Lok Sabha seats in Mumbai during the fifth phase of the seven-phase electoral process.
Today, Saturday, June 1, voting for the seventh and final phase of the Lok Sabha Elections 2024 is taking place. The election will decide candidates for 57 seats across seven states and one Union Territory, including Prime Minister Narendra Modi’s seat.
Voting is happening today in these 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 (6 seats)
- Chandigarh Union Territory (1 seat)
Additionally, Odisha is holding elections for 42 assembly seats. Vote counting will happen on June 4.
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 Indian stock market benchmarks, Sensex and Nifty 50, ended five days of losses with modest gains. Key stocks like HDFC Bank, ICICI Bank, L&T, and Reliance led the rise.
Recently, concerns over the Lok Sabha election of 2024 have pressured the domestic stock market. Market experts say significant capital outflows by foreign institutional investors (FIIs), mixed global signals, reduced expectations of rate cuts, and geopolitical worries have impacted market sentiment.
On Friday, there was modest buying interest in the domestic market, with both the benchmark indexes and the mid and small-cap indexes finishing higher.
The Sensex ended the day 76 points higher at 73,961.31 with 15 stocks rising. The Nifty 50 closed 42 points higher at 22,530.70 with 26 stocks in the green.
Dr. Joseph Thomas, Head of Research at Emkay Wealth Management, said, “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, the market may remain on edge until the final results are announced and a clear direction is established. While economic fundamentals remain strong, the market has become relatively more expensive recently, which could lead to some profit booking.”
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