Stock market shut on Wednesday due to Assembly elections in Maharashtra, Jharkhand | Business News
The country’s benchmark stock indices, BSE Sensex and Nifty 50, will remain closed on Wednesday due to Legislative Assembly elections in Maharashtra and Jharkhand.
The stock markets will now reopen on Thursday, November 21.
Earlier this month, the markets were closed on November 1 for Diwali and Laxmi Pujan.
More recently, the bourses were shut on November 14 on the occasion of Guru Nanak Jayanti.
They will be closed next in December for Christmas.
The Dalal Street saw no action for 16 days this year due to holidays, other than being closed on Saturdays and Sundays.
Meanwhile on Tuesday, the 30-share Sensex rebounded 239 points, or 0.31 per cent, to close at 77,578.38.
The broader Nifty 50 broke its seven-day losing streak to end 64.7 points, or 0.28 per cent, up at 23,518.5.
Value buying sees market end in green
Market experts attributed stock markets ending in green on value-buying in banking, information technology, and auto shares, according to the PTI.
Value buying refers to the practice of buying stock that seems to be trading at less than their intrinsic or book value, according to Investopedia.
Stock markets have been on a downward spiral with the Nifty falling 1,030 points, or over 4.3 per cent, in the past seven trading sessions as foreign institutional investors were on a selling spree.
Weaker than expected corporate results for the second quarter and strengthening bond yields in the United States tracking the electoral victory of former president Donald Trump have also shown their impact.
The benchmark Sensex has, meanwhile, dropped more than 3,000 points to 77,300 levels during the same period.
