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New Delhi. The stock market declined last week. At the same time, the direction of the local stock markets will be decided by the global trend and the activities of foreign investors in the week starting from November 18. BSE and NSE have declared a trading holiday on November 20 for the assembly elections in Maharashtra. Elections for the 288-member Maharashtra Legislative Assembly will be held on November 20 and the counting of votes will take place on November 23.
Pravesh Gaur, Senior Technical Analyst, Swastika Investment Ltd said, "The Indian stock market will remain closed on Wednesday, November 20 due to Maharashtra assembly elections. Key global economic indicators including election results, US bond yields, dollar index performance, US unemployment claims, latest manufacturing and service PMI d ata,shortly and Japan inflation data will be important in shaping the market direction. High yields on bonds in the US and strengthening of the dollar after the election have affected emerging markets like India and foreign institutional investor (FII) activity remains a major factor affecting Indian equities in the near future."
Experts
said that the movement of Brent crude and the rupee-dollar trend will also affect the trading in the market. Religare Broking Limited's Senior Vice President-Research Ajit Mishra said, "This week is also short due to holidays. The focus will again shift to FII flows. FIIs have been selling continuously for the last one and a half months. Apart from this, traders will keep a close eye on the trends of global markets."
Sharp fall in Sensex and Nifty
Last week, the BSE Sensex fell by 1,906.01 points or 2.39 percent. On Friday (November 15), the stock markets were closed on the occasion of Guru Nanak Jayanti. The Sensex closed with a massive fall of 8,397.94 points or 9.76 percent from its all-time high and the Nifty has also fallen 2,744.65 points or 10.44 percent from its record high. On September 27 this year, the Sensex reached its record high of 85,978.25 and on the same day,second-quarter the NSE Nifty also reached a record level of 26,277.35. The sharp fall in the Sensex and Nifty was due to foreign investors fleeing the domestic market, weak second-quarter earnings, and higher valuation of equities.
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