The Indian stock market was closed on Wednesday for the Maharashtra assembly elections.
On Tueday, the Indian equity markets ended a seven-day losing streak, closing higher after a volatile session. The Nifty rose to 23,500, supported by buying in the auto, realty, and media sectors amidst geopolitical concerns over Ukraine and Russia.
The Sensex closed with a gain of 239 points, ending at 77,578.38. It had surged over 1,100 points during intraday trading but saw heavy profit booking in the last hour. Similarly, the Nifty ended at 23,518.50, up by 64.70 points or 0.28%.
Market sentiment shifted after reports surfaced of the Ukrainian Armed Forces launching their first ATACMS missile attack on a Russian border region, prompting strong warnings from the Kremlin.
The media sector saw significant buying activity, with Nifty Media gaining 2.45%.
Technical experts noted that the Nifty index formed a doji candle on the daily chart, signaling uncertainty. The high of this candle, near 23,780, is expected to act as a critical resistance level, while the 50-weekly simple moving average (WSMA) near 23,300 will provide short-term support. The short-term trend remains bearish as long as the index stays below 23,800.
Foreign institutional investors (FIIs) sold equities worth ₹3,411 crore on November 19, while domestic institutional investors (DIIs) purchased equities worth ₹2,783 crore on the same day.
