The bustling financial hub was shut down on Saturday soon after news about the Sena supremo's demise spread.
Schools and colleges which were scheduled to reopen today after Diwali vacation will now open tomorrow.
Though Shiv Sena has not called for a bandh, Federation of Associations of Maharashtra (FAM) had asked its constituents and the trading community to observe shutdown in the state on Monday as a mark of respect to the Sena patriarch who passed away on Saturday afternoon after being critically ill for the last few days.
In a statement, FAM has appealed to its constituents to observe Shradhanjali Day today.
Similarly, jewellers across Mumbai kept their establishments closed to mourn Thackeray's death.
Meanwhile, ashes of the late leader will be handed over to Shiv Sena leaders and office bearers tomorrow. The urns containing ashes will be kept at the party offices in different parts of the state for the Shiv Sainiks to pay homage to the departed leader, on November 21 and 22.
Thereafter, the ashes will be immersed in holy waters in different parts of the country on November 23 including Harihareshwar, Nashik, Haridwar, Varanasi and Kanyakumari.