Diwali Muhurat Trading 2023 Highlights: Nifty, Sensex End In Green As Market Closes First Session Of Samvat 2080
Muhurat Trading 2023 Highlights: As the country celebrates the festival of lights, ABP Live brings you this space to keep you updated with the latest news from the BSE special trading session today.
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Background
Muhurat Trading 2023 Highlights: As India celebrates Diwali today, the stock market will also mark the auspicious occasion with its own annual tradition. The stock market will make an exception this Sunday and open for trading, however, for only an hour. The Bombay Stock Exchange announced last month that it will hold the Muhurat Trading session on November 12 to celebrate the festival of lights.
The BSE will conduct a trading session today from 6 PM to 7:15 PM, including a pre-market session of 15 minutes. Every year, traders follow this tradition and punch in tokens in honour of the festival. Diwali is considered an auspicious time to start something new. Following this belief, investors give great importance to this hour of Muhurat Trading and believe that trade conducted during this period will lead to a prosperous year ahead for the market.
According to the Hindu calendar, Diwali marks the beginning of the new year, which is also known as Samvat. This year's Diwali will be the beginning of Samvat 2080 and people will bid goodbye to Samvat 2079.
Looking back on Samvat 2079, Neeraj Chadawar, head of research at Axis Securities, noted, "In the second half of Samvat, our benchmark index Nifty 50 reached a significant milestone, touching 20,192 on15th Sep’23. This remarkable achievement can be attributed to (a) Positive sentiment during the G-20 event, (b) Positive FII inflows, (c) Robust economic prospects relative to other EM countries, (d) Strong earnings outlook, (e) Robust demand across sectors, (f) Much improved health of the banking sector, and (g) Positive expectations for the private investment cycle. As a result of reaching this milestone, the market capitalization of India surged past $3.7 Tn, catapulting India to the position of the 5th largest market in the world and standing tall among other global economies. Only the US, China, Japan and the Hong Kong market are currently ahead of India in terms of market capitalization.
Sensex: Infosys Leads The Index, UltraTech, Sun Pharma Emerge Losers
On the Sensex index, all the stocks closed in green led by Infosys which was up by 1.41 per cent, followed by Wipro and Asian Paints. UltraTech Cement and Sun Pharma emerged as the only losers on the index, with both stocks down by 0.05 and 0.06 per cent respectively. Other major winners on the index included TCS, NTPC, Titan, and Reliance.
Nifty50: Coal India Emerges As Top Gainer, Britannia Leads Among Losers
In the Nifty50 index, Coal India emerged as the top gainer with an increase of nearly 3 per cent in the stock, followed by UPL, up by 1.49 per cent, and Infosys up by 1.47 per cent. Among the losers for the index, Britannia led with a drop of 0.14 per cent, followed by Sun Pharma, which dipped 0.11 per cent.
Closing Bell: Nifty Ends Muhurat Trading Session Above 19,500
As markets rang the closing bell on the first trading session of Samvat 2080, the benchmark Nifty stood at 19,525.55, up by about 100 points in the session.
Closing Bell: Sensex Ends Muhurat Trading Session In Green
The BSE Sensex ended the Muhurat Trading session in the green, up by 355 points at 65,259.45 as markets closed the first trading session of Samvat 2080.
Apollo Hospitals Trading In Red
Apollo Hospitals emerged as the only share trading in red on the Nifty50. The stock was down marginally by 0.03 per cent at Rs 5,277 per piece, as of 6:43 PM.
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