NSE and BSE in 2024, including the upcoming closure on June 17th for Bakri Id. Stay informed about the impact of the Lok Sabha Elections on the Indian stock market, recent performance updates, and expert insights.
Overview of June 2024 Stock Market Holidays
In June 2024, the Indian stock exchanges, namely the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE), will observe a holiday on Monday, June 17th, due to Bakri Id. This is the only stock market holiday in June, offering a break for traders and investors.
Stock Market Closures in May 2024
In May 2024, the Indian stock markets experienced two closures. The first was on May 1st for Maharashtra Day. The second closure occurred on May 20th due to the general elections, during which voting took place for all six Lok Sabha seats in Mumbai in the fifth phase of the seven-phase electoral process.
Lok Sabha Elections and Their Impact on the Stock Market
Today, June 1st, marks the start of the seventh and final phase of the Lok Sabha Elections 2024. Voting is underway for 57 seats across seven states and one Union Territory, with prominent candidates, including Prime Minister Narendra Modi, participating.
States Voting Today
- 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
In addition to the Lok Sabha elections, Odisha is holding elections for 42 assembly seats. The vote counting for these elections is scheduled for June 4th.
Complete List of Stock Market Holidays in 2024
Here is a comprehensive list of stock market holidays in 2024 for NSE and BSE:
- June 17, 2024 – Bakri Id
- 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 Performance Update
On Friday, May 31, 2024, the Indian stock market benchmarks, Sensex and Nifty 50, concluded the week with modest gains, reversing a recent losing streak. Key stocks, including HDFC Bank, ICICI Bank, L&T, and Reliance, led this recovery.
Factors Influencing Market Sentiment
The domestic stock market has been under pressure due to several factors, including:
- Significant Capital Outflows by Foreign Institutional Investors (FIIs)
- Conflicting Global Cues
- Waning Expectations of Rate Cuts
- Geopolitical Tensions
Despite these challenges, there was modest buying interest on the domestic market, leading to gains in both benchmarks and mid and small-cap indexes on Friday.
Market Indices Performance
- Sensex: Increased by 76 points or 0.10 percent, ending at 73,961.31 with 15 stocks rising.
- Nifty 50: Rose by 42 points or 0.19 percent, closing at 22,530.70 with 26 stocks in the green.
Expert Insights on Market Volatility
Dr. Joseph Thomas, Head of Research at Emkay Wealth Management, provided insights into the market’s recent performance:
“The equity market remained volatile with a downward bias throughout the week, factoring in the potential outcomes of the national election results. Early next week, as the vote counting begins, the market may remain on tenterhooks until the final results are announced, which will likely set a definitive direction for the market. While the economic fundamentals remain robust, with a consistent uptrend, the market’s recent relative expensiveness could lead to some profit booking.
ALSO READ: NIFTY 50, SENSEX TODAY: WHAT TO EXPECT FROM THE INDIAN STOCK MARKET ON MAY 30
Conclusion
June 2024 will see only one stock market holiday on the 17th for Bakri Id. Traders and investors should mark their calendars accordingly. The ongoing Lok Sabha elections are significantly impacting market sentiment, with the final phase of voting currently underway. Market experts suggest monitoring the election results next week, which will likely influence market directions.
Stay updated with the latest stock market trends and be prepared for the scheduled holidays in the coming months to plan your trading strategies effectively.
Disclaimer: The opinions and suggestions presented in this analysis represent the viewpoints of individual analysts or brokerage firms, and not insightmediahub.com We highly recommend that investors seek guidance from certified experts before making any investment decisions, as market conditions are subject to rapid changes and individual circumstances may differ.
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