Maharashtra polls: Nifty, Sensex closed today, FPIs sold equities of Rs 3,411.73 crore on Nov. 19

Stock markets in India closed for Maharashtra elections, with a bounce back in domestic indices observed on Tuesday.

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”.