Share Market Holiday: Sensex-Nifty closed due to elections in Mumbai
New Delhi| Stock markets across the country are closed due to the assembly elections in Maharashtra. Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) have observed a one-day trading holiday to facilitate voting in Mumbai and other parts of the state.
As per BSE Trading Holiday List, the market is closed for all equity segments, equity derivatives segment and SLB segment. A public holiday has been declared by the Maharashtra government on the election day. Normal business will resume on Thursday, November 21.
Domestic stock markets rose somewhat on Tuesday after sustained selling pressure at the beginning of the week. Market experts said the Indian indices bounced back due to oversold conditions. However, foreign investors still remain net sellers. On Tuesday, foreign investors (FPIs) sold shares worth Rs 3,411.73 crore, while domestic investors (DIIs) bought equity shares worth Rs 2,783.89 crore.
Banking and market expert Ajay Bagga said, “The reasons for the fall in Indian stocks still exist to a great extent”. According to him, FPI selling (although at low intensity), decline in corporate earnings in quarterly results, slow economic growth and high real interest rates are slowing the pace of growth. Tuesday’s surge in Indian markets should be seen as a surge from the oversold zone. Perhaps foreign selling is decreasing, we will know in a few days. We are growing in line with Asian markets”.
Mixed trends were seen in Asian markets on Wednesday. With the exception of South Korea’s KOSPI index and the Jakarta Composite, all other indices appeared to trade with losses at the time of filing this report. Markets in Japan, Hong Kong and Taiwan also showed a decline. Indian stock indices returned to the green on Tuesday after trading less than the last seven consecutive sessions.
Sensex closed at 77,578.38 points with gains of 239.38 points or 0.31 per cent, while Nifty closed at 23,518.50 points with gains of 64.70 points or 0.28 per cent. According to NSE data, Nifty auto, media, realty and consumer durables sectors closed with the biggest gains, while metal, PSU bank and oil and gas stocks declined.
