Mumbai : India’s benchmark indices, Sensex and Nifty, opened the Muhurat trading session for Samvat 2081 on a positive note on November 1, lifted by broad-based buying across various sectors.
On the Muhurat Trading, Indian equity indices closed on a strong note, with the Nifty finishing above the 24,300 mark. The Sensex rose by 299.13 points, or 0.38%, to settle at 79,688.19, while the Nifty gained 94.20 points, or 0.39%, ending at 24,299.50. Market breadth was positive, with around 2,890 stocks advancing, 554 declining, and 70 remaining unchanged.
Top gainers on the Nifty included M&M, ONGC, Adani Ports, Bharat Electronics, and Tata Motors. On the downside, the biggest laggards were Dr. Reddy’s Labs, HCL Tech, Britannia, Tech Mahindra, and Adani Enterprises.
All sectoral indices finished in positive territory. The BSE midcap index rose by 0.6%, and the smallcap index gained 1%.
What is Muhurat Trading ?
Diwali Muhurat Trading is a special trading session held by the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) in India on the occasion of Diwali, the Hindu festival of lights. It usually takes place during the evening for about an hour on the day of Lakshmi Puja, considered an auspicious time in Hindu tradition. The concept is rooted in the belief that trading during this time can bring prosperity and wealth in the coming year.
Key Aspects of Muhurat Trading
- Symbolic Start to New Financial Year: In some parts of India, Diwali marks the start of a new financial year, making it an ideal time for businesses and investors to begin new ventures.
- Good Luck and Prosperity: Many investors and traders believe that buying shares during this session brings good fortune and is a positive omen.
- Ritualistic Approach: Many families perform puja (ritualistic prayers) to their stock portfolios, viewing investments as blessings that require divine grace.
- Market Sentiment: Muhurat trading sessions often witness enthusiastic participation, with more retail investors and occasional investors getting involved.
Despite being a symbolic session, it can still influence market sentiment, as the mood is generally optimistic.