Market Holidays 2024: The Multi Commodity Exchange has revised the expiry date November 20 of base metal index futures contract, due to assembly elections being held in Maharashtra, the key financial state of India. This contract is called as MCXMETLDEX and is one of the sectoral indices in the MCX iCOMDEX family. Majority of trading in capital markets is closed on the day of the election.
Market Holidays 2024:
As per MCX's notification, the expiry of MCXMETLDEX Futures contract will be revised on account of Trading Holiday declared due to Maharashtra Legislative Assembly General Election on November 20, 2024. The new expiry date will be November 19, 2024.
The Original Expiry date on the Market Watch Screen will continue to display the Existing Expiry date, The MCXMETLDEX contract will be available for trading only till the Revised Expiry date, MCX's notification is added.
MCX iCOMDEX Base Metal Index (MCXMETLDEX) is one of the sectoral indices in the MCX iCOMDEX family, providing an efficient tool to investors looking to manage their investments in base metals. As per the scheduled annual 2024, rebalancing the index includes 4 base metals futures listed on MCX: Aluminium, Copper, Lead and Zinc. This index can therefore serve as an indicator of the performance of the Indian industrial sector. Every commodity within the base metal index is weighted three-fourths by its liquidity and one-fourth by its physical market size in India, determined by local production and imports. Additionally, the commodity selection process is also subject to further conditions and needs to meet the threshold set forth in the methodology.
Maharashtra Assembly Elections 2024:
Maharashtra's assembly election is scheduled to be held on November 20, 2024. The parties involved in the election will compete for 288 seats in the 15th Maharashtra Legislative Assembly. The counting and results of the election will be most likely announced on November 23, 2024. The tenure is set to commence on November 26.
The last Assembly elections in Maharashtra took place in October 2019. The BJP-led National Democratic Alliance secured a majority to establish the government. However, internal conflicts led the Shiv Sena to exit the alliance and join forces with the Nationalist Congress Party and the Indian National Congress, forming a new coalition called Maha Vikas Aghadi. Subsequently, Maha Vikas Aghadi established the state government, with Shiv Sena leader Uddhav Thackeray assuming the role of chief minister, as per Wikipedia report.
However, following the 2022 Maharashtra political crisis, Shiv Sena MLA Eknath Shinde, along with 40 MLAs from his party, formed a government with the BJP with Shinde becoming the new chief minister, the report revealed.
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