The fifth round of voting in the Mumbai parliamentary election is being observed by closing the Indian stock exchanges, notably the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).The choice to shut down the markets was made to guarantee that everyone could take part in the voting process, even those who work in the financial industry. On Tuesday, trading will start up again. The date of the upcoming Bakrid holiday is June 17.
Mumbai North, North West, North East, North Central, South, and South Central are the six seats in Mumbai where voting is now taking place. The following Maharashtra constituencies are taking part in the ongoing fifth phase of the election: Dhule, Dindori, Nashik, Kalyan, Palghar, Bhiwandi, and Thane.
Investors responded enthusiastically to the special session that the stock exchanges held last Saturday to test their disaster recovery plans for trade, and the market closed on a positive note. The BSE Sensex ended the day on Saturday at 73,959 points, up 42 points, while the NSE’s Nifty finished the day at 22,502 points, up 35.91 points. There was an increase in the stocks of Nestle India, Power Grid, Tata Motors, Hindalco, ONGC, Divis Lab, and TCS.
Experts in the market claim that the persistent selling pressure on Indian markets comes from foreign institutional investors. Analysts note that investors are being cautious due to the ongoing elections.
“Despite investors’ continued caution, Indian markets are beginning to recover from their election-related anxiety. Anticipate this optimistic mood to hold, but once the election results are made public by late June 4th, Ajay Bagga, a banking and market specialist, predicts a clear upward break above the previous all-time high levels.
Foreign portfolio investors (FPIs) went on an aggressive selling binge in Indian stock markets in May, partially due to concerns over poll results, sticky inflation, especially in the food sector, and a strong US currency. According to the most recent data from National Securities Depository Limited (NSDL), with more than ten days left in May, foreign investors sold Indian stocks valued at Rs 28,242 crore.
Join our whatsapp group for Latest updates