Muhurat Trading 2024: Sensex Surges Over 400 Pts, Nifty Above 24,300 During Special Session For Samvat 2081

Among the top gainers on the Nifty were M&M, Eicher Motors, ONGC, Titan Company, and IndusInd Bank. In contrast, the biggest losers included Britannia, Sun Pharma, ICICI Bank, Infosys, and HUL

Indian indices kicked off Samvat 2081 on a positive note on Friday, with the Nifty trading above 24,300. At the time of opening, the Sensex rose by 357.57 points, or 0.45 per cent, reaching 79,746.63, while the Nifty climbed 109.60 points, also up 0.45 per cent at 24,314.90. Market breadth was strongly in favor of gainers, with 74 shares advancing, 7 declining, and 2 remaining unchanged.

M&M, Eicher Motors, ONGC, Titan Company, and IndusInd Bank were among the top gainers on the Nifty. In contrast, the biggest losers included Britannia, Sun Pharma, ICICI Bank, Infosys, and HUL. Meanwhile, on BSE, top gainers include M&M, NTPC, Tata Motors, Titan and Maruti Suzuki. TCS, Asian Paints, L&T, RIL and ITC were among the top losers.

V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “With Nifty returning 25 per cent and Nifty 500 returning 30 per cent in Samvat 2080, investors should be happy. But the 6.2 per cent correction in October, the first above 5 per cent correction in 54 months, has triggered anxiety over the market performance, going forward. Of serious concern is the relentless FII selling in October amounting to Rs 113858 crores through the exchanges. Given India’s elevated valuations and concerns over deceleration in earnings growth, FII selling might continue, impacting the benchmark indices. In such a scenario investors should focus on stock-specific investment where Q2 results have been good and earnings visibility is bright.”

He added: “The latest data regarding banking indicates that deposit growth has caught up with credit growth and this augurs well for banking stocks which are fairly valued. Public capex is likely to pick up in H2FY25 and this augurs well for cement stocks. Pharma stocks like Sun Pharma and Cipla have good earnings visibility.”

In the previous trading session on Thursday, Indian equity indices ended lower for the second consecutive session, with the Nifty slipping below the 24,200 mark due to selling pressure in the IT, FMCG, and banking sectors. By the end of the trading day, the Sensex had declined by 553.12 points, or 0.69 per cent, closing at 79,389.06. Meanwhile, the Nifty fell by 135.50 points, or 0.56 per cent, to settle at 24,205.35.