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.
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.
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.
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.
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 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.
Sectorwise, Nifty Realty index increased 0.90 per cent, followed by Nifty Media at 0.85 per cent, as of 6:40 PM. All the other sectoral indices were in green, with Metal, IT, Consumer Durables, and Auto among the highest gainers.
Among the broad market indices, the Nifty Smallcap 250 and Nifty Microcap 250 registered the highest gains at 1.27 and 1.26 per cent respectively. All the other indices traded in green as well, as of 6:37 PM.
Sensex coloured green as trading commenced during the Muhurat Trading session on November 12, 2023. Infosys emerged with the largest gains of over 1 per cent on the benchmark index and was trading at Rs 1,387.75 as of 6:33 PM. UltraTech Cement registered the weakest gains at 0.03 per cent on the index.
As markets began their annual trading session for Diwali 2023, Coal India emerged as the largest gainer on the Nifty50, with an increase of about 3.93 per cent in the stock. The share was trading at Rs 336.1 per piece as of 6:27 PM.
The Sensex climbed more than 300 points as markets welcomed Samvat 2080, while the Nifty50 crossed the 19,500 mark. The BSE benchmark index stood at 65,291.14, and the NSE index was at 19,534.55, as of 6:24 PM.
The NSE shared a live glimpse of the stock markets entering the new year with celebrations.
The National Stock Exchange managing director and CEO, Ashish Chauhan, shared wishes on the auspicious occasion of Diwali 2023.
The BSE Sensex jumped over 500 points in the pre-market session of Muhurat Trading and stood at 65,419.36, as of 6:09 PM.
The brokerage, for its Diwali 2023 picks, named TVS Motors Ltd, Bharti Airtel, APL Apollo Tubes, Jyothy Labs, KPIT Technology, HDFC Bank, Astral Ltd, Ahluwalia Contracts Ltd, and SBI Life Insurance Ltd. Among the picks, the brokerage projected the highest upside of 34 per cent and 25 per cent for TVS Motors, Bharti Airtel respectively.
Providing an outlook for Samvat 2080, Neeraj Chadawar, head of research at Axis Securities, added, "Samvat 2080 will be a very interesting year to watch out for the global economy. We embark on this new Samvat with a narrative marked by ‘Higher for Longer’ interest rates, volatile bond yields, geopolitical conflicts in the Middle East, and fluctuating oil prices. However, on the domestic front, the prospects for the Indian economy appear notably brighter and more promising. In the midst of a volatile global landscape, India remains in a favourable position for growth."
Elaborating on the performance in the latter half of Samvat 2079, Neeraj Chadawar, head of research at Axis Securities, stated, "In the second half of Samvat, our benchmark index Nifty 50 reached a significant milestone, touching 20,192 on 15th Sep’23. As a result of reaching this milestone, the market capitalization of India surged past $3.7 trillion, 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 capitalisation."
Commenting on the performance of Samvat 2079, Neeraj Chadawar, head of research at Axis Securities, noted, "Samvat 2079 proved to be an intriguing year for the Indian equity market, characterized by notable volatility in the first half. Several factors contributed to this turbulence, including a) A hawkish central bank view on the interest rates, b) Rising bond yields, c) Rising Covid-19 cases in China towards the end of 2022, d) Imposition of lockdowns in the Chinese economy, e) Union budget-related developments, and f) Other macroeconomic
challenges. These occurrences collectively subdued market performance in the first half of Samvat."
Historically, investors have gained from trading during the Muhurat session, with the BSE Sensex closing on a higher end in seven out of the last 10 such trading sessions. During the last two Muhurat Trading sessions, the markets closed the session in green. Both the benchmark indices, Sensex and Nifty settled 0.88 per cent higher each on Mahurat Trading in 2022 and closed 0.49 per cent higher in the special trading session in 2021.
Every year, as part of the Diwali celebrations, the stock market opens for a special trading session. During this session, the market remains open for an hour only where traders and investors punch in token trades to mark the start of the new Samvat. During the Muhurat Trading, trade across segments like equity, commodity derivatives, currency derivatives, equity futures and options, and securities lending and borrowing (SLB) will take place in the same time slot.
This year’s Muhurat Trading session will mark the beginning of Samvat 2080 and the end of Samvat 2079. Investors believe that trading in the stock market during this time ensures a prosperous start to the new trading year. The special session will be held from 6 PM to 7:15 PM, including 15 minutes for a pre-market session.
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.
- - - - - - - - - Advertisement - - - - - - - - -