On account of the fourth phase of election in Mumbai, Stock market remains close Today

Apr 29 2019 05:18 AM
On account of the fourth phase of election in Mumbai, Stock market remains close Today

Mumbai: On Monday, April 29, the National Stock Exchange (NSE) had issued a circular announcing the closure of stock market when the fourth phase of Lok Sabha elections 2019 will be held. A lull would occupy the Dalal Street as capital market segment, currency derivatives, commodity derivatives and futures and options segments would also remain shut. A holiday has also been declared in schools and select institutes on Monday as voting will be held in all the 7 parliamentary segments of Mumbai.

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Here it is to be noted that apart from the financial capital, polls would also be held in the neighbouring city of Thane. Pollsters in Maharashtra are keeping a close watch on the outcome of polls in Mumbai and Thane. The 8 parliamentary seats were clean swept by the BJP-Shiv Sena alliance in the 2014 general elections. Their primary contest here comes from the alliance of Congress-NCP. To be noted that the election results will be declared on May 23 following the conclusion of the seven-phase polls on May 19.

However it is worth mention here that following the election result, the stock market usually witnesses a volatile trend -- depending on the poll outcome. In 2014, the BSE and NSE touched unprecedented marks with Prime Minister Narendra Modi forming a single-majority government at the Centre.

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