Domestic stock markets on November 19, 2024 showed some bounce back after consistent selling pressure at the beginning of this week.
| Photo Credit: Reuters

Stock markets across the country remained closed on Wednesday on account of the assembly elections in Maharashtra.

The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) observed a trading holiday to facilitate voting in Mumbai and other parts of the State.

According to the BSE trading holiday list, markets were closed for all Equity Segment, Equity Derivative Segment, and SLB Segment.

The holiday was announced earlier in accordance with the Maharashtra government’s declaration of a public holiday for election day. Normal trading will resume on Thursday, November 21.

Domestic stock markets yesterday showed some bounce back after consistent selling pressure at the beginning of this week.

Market experts noted that the Indian indices bounced back because of the oversold conditions in the market. However, foreign investors are still net sellers. On Tuesday, the foreign investors sold stocks worth ₹3,411.73 crores, while domestic investors (DIIs) bought equities worth ₹2,783.89 crores.

Ajay Bagga, Banking and Market Expert stated “The causes of the downtrend in Indian stocks are still very much present…FPI selling (though at a reducing intensity), downgrades to corporate earnings, slower economic growth and high real interest rates which are proving a drag on growth impulses. The bounce in the Indian markets needs to be seen as a bounce from oversold zones. Maybe foreign selling is abating, we will know that in a few days’ time. We are going up in consonance with Asian markets”.

In the Asian markets on Wednesday, mixed trends were visible. Except for South Korea’s KOSPI index and the Jakarta Composite, all other indices were trading with losses at the time of filing this report. The markets of Japan, Hong Kong, and Taiwan were trading with a decline.

Indian stock indices returned to the green zone on Tuesday after having traded lower for the past seven consecutive sessions.

Sensex closed at 77,578.38 points, up 239.38 points or 0.31%, while Nifty closed at 23,518.50 points, up 64.70 points or 0.28%.

Nifty Auto, Media, Realty, and Consumer Durables were the top movers in the sectoral space, while Metal, PSU Bank, and Oil and Gas were the losers, NSE data showed.