Stock market closed wednesday for elections in Maharashtra and Jharkhand

The Bombay Stock Exchange (BSE) Sensex and the Nifty 50 indices will be closed on Wednesday due to Legislative Assembly elections in Maharashtra and Jharkhand. The markets will resume trading on Thursday, November 21.

This closure adds to the 16 days of market inactivity this year, excluding the regular weekends. Earlier in November, the stock markets were closed on November 1 for Diwali and Laxmi Pujan, and on November 14 for Guru Nanak Jayanti. The next scheduled closure is for Christmas in December.

On the trading front, Tuesday saw the Sensex rebounding by 239 points, or 0.31%, to close at 77,578.38. The Nifty 50 also broke its seven-day losing streak, ending 64.7 points, or 0.28%, higher at 23,518.5. Market analysts attributed this positive turn to value buying in banking, IT, and auto stocks. Value buying occurs when investors purchase stocks that are perceived to be undervalued.

Despite this rebound, the markets have faced a downward trend recently. Over the past seven trading sessions, the Nifty has dropped by 1,030 points, or over 4.3%, due to heavy selling by foreign institutional investors. Factors contributing to this decline include weaker-than-expected corporate earnings for the second quarter and rising bond yields in the US following Donald Trump's electoral victory.

As a result, the Sensex has fallen more than 3,000 points to the 77,300 levels during this period.