Nifty, Sensex Trading Holiday Amid Mumbai polls
Business holiday in Mumbai Due to Elections
The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) observed a trading holiday in Mumbai and other parts of the state to facilitate the polling. According to BSE's trading holiday list, markets were closed for all equity segments, equity derivatives segment and SLB segment.
The holiday was already announced as per the Maharashtra government declaring a public holiday on election day. Normal trading will resume on Thursday, November 21. After sustained selling pressure earlier this week, the domestic stock markets rallied a bit yesterday.
Foreign investors are still net sellers
Market experts said oversold conditions in the market led to the rise in Indian indices. However, foreign investors are still net sellers. Foreign portfolio investors (FPIs) sold shares worth a net of Rs 3,411.73 crore, while domestic investors (DIIs) bought shares worth Rs 2,783.89 crore Tuesday, provisional data showed.
Banking and market expert Ajay Bagga said, "The reasons for the fall in Indian stocks still exist to a large extent. FPI sell-off (though at a lower intensity), declining corporate earnings, slower economic growth and higher real interest rates are slowing growth.
The surge in Indian markets should be seen as a bounce from the oversold zone. Maybe overseas selling is decreasing, we will know in a few days. We are moving up in line with Asian markets".
Markets in Japan, Hong Kong and Taiwan are Trading Lower
Asian markets showed mixed trends on Wednesday. Except for South Korea's Kospi index and Jakarta Composite, all other indices were trading with losses at the time of filing this report. Bourses in Japan, Hong Kong and Taiwan were trading lower.
After falling in the last seven consecutive sessions, the Indian stock index returned to the green mark on Tuesday. The Sensex ended 239.38 points or 0.31 per cent higher at 77,578.38, while the broader Nifty ended 64.70 points or 0.28 per cent higher at 23,518.50.
According to NSE data, Nifty was the top gainer in auto, media, realty and consumer durables sectors, while metal, PSU bank and oil and gas declined.
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