The Indian stock market recently experienced a temporary closure due to the Maharashtraassembly elections.
This pause in trading followed a significant surge in the market on Tuesday, which was subsequently lost due to escalating tensions between Russia and Ukraine.
All segments of the market, including equity, derivative, and securities lending and borrowing (SLB), remained closed. The public holidays also extended to capital markets, futures, and option divisions.
Despite these closures, the Indian equity markets managed to break a seven-day losing streak, ending higher in a volatile session on Monday, November 19. The Nifty closed at 23,500, buoyed by buying seen in the auto, realty, and media sectors, which was attributed to the fresh tensions between Ukraine and Russia.
The Sensex closed with a gain of 239 points due to heavy profit booking in the last hour of trading.
During intra-day trading, the Sensex traded with a gain of over 1,100 points. However, the market witnessed a major reversal when reports emerged of the Ukrainian Armed Forces launching their first ATACMS missile attack on the Russian border region.
Market Reactions
The media sector saw heavy buying, with Nifty Media registering a gain of 2.45 per cent. The Sensex closed at 77,578.38 after gaining 239.37 points or 0.31 per cent, and the Nifty closed at 23,518.50 with a gain of 64.70 points or 0.28 per cent.
On the downside, the 50-Weekly simple moving average (WSMA) is placed near 23,300, which will provide short-term support for the index.
Foreign institutional investors (FIIs) sold equities worth Rs 3,411 crore on November 19, while domestic institutional investors bought equities worth Rs 2,783 crore on the same day.
Meanwhile, tensions between Russia and Ukraine continue to escalate. Reports have emerged of Ukraine launching its first ATACMS missile attack on the Russian border region, leading to a stern warning from the Kremlin of dire consequences.
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