General Elections Halt Stock Market: BSE, NSE Closed for the Day

Given the stock market (BSE, NSE) closure today, investors should plan their trading strategies for when the markets reopen on Tuesday, May 21, 2024. Key considerations include monitoring political developments, assessing market sentiment, and being prepared for potential volatility.

Today, the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are closed in observance of the General Elections (Lok Sabha). This closure affects all trading activities, including equity, derivatives, and currency markets. Investors and traders must understand the implications of this market holiday and how it fits into the broader context of market operations and election periods in India.

Previous Trading Session Performance: BSE, NSE

NSE Nifty and BSE Sensex Gains

In the previous session on Saturday, the NSE Nifty index closed 36 points or 0.16% higher at 22,502. The 30-share BSE Sensex ended 89 points or 0.12% up at 74,006. This special trading session on May 18 saw positive movements across various indices.

Mid-Cap and Small-Cap Performance

Mid- and small-cap stocks also performed well, with the Nifty Midcap 100 rising by 0.51% and the Nifty Smallcap 100 increasing by 0.82%. The India VIX, a measure of market volatility, climbed 3.67% to 20.53.

Sectoral Indices on NSE

All 16 sectoral indices on the NSE closed in the green. Notable performances included Nifty Media, up 1.24%, Nifty Consumer Durables, up 0.48%, Nifty Oil & Gas, up 0.47%, and Nifty Realty, up 0.78%.

BSE Frontline Stocks

On the BSE, leading stocks such as Nestle India, L&T, TCS, Power Grid, Tata Motors, SBI, Airtel, HUL, and HCL Tech saw gains up to 2.33%. Out of the 3,613 stocks traded on the BSE, 2,415 ended with gains, 1,073 closed lower, and 125 remained unchanged.

Stock Market Outlook and Predictions

For the first time in a few days, the Nifty closes over 22,500 while remaining inside the channel. On daily charts, a small-bodied candle, however, tells us very nothing about where the price is going to go in the future. ‘CALL’ and ‘PUT’ at 22,500 both have thick text that is visible, suggesting an inflection. Consequently, to confirm any directional shift, traders must remain vigilant within the first hour. At 22,400, support is discernible. In the short run, a strong increase might push the index up to 22,600 and beyond, according to Rupak De, Senior Technical Analyst at LKP Securities.