The day marks the last trading holiday for the market in the current calendar year. The market will resume trading on Monday, November 22.
Meanwhile, the domestic market tanked sharply in the last three trading sessions, clipping nearly 1,200 points as inflationary pressure dealt heavy blows to the bulls. The weak listing of the mega IPO of
also hit investor confidence.
After opening in the green, benchmark indices plunged lower. At 1.35 pm, BSE flagship Sensex was down over 300 points, or 0.50 per cent, to 59,700 level. NSE benchmark Nifty declined over 100 points as well.
Analysts expect the weakness in the market to continue going forward as valuations have surged to astronomical levels. Moreover, macro factors are also turning for the worse.
Most Asian markets were also trading lower. China, Indonesia, South Korea, Hong Kong and Japan were in the red while Thailand, Taiwan and Singapore gained marginally.
