New Delhi [India], November 1 : It's a bright start to the Hindu calendar year of Samvat 2081 for Indian stocks.
Sensex closed 0.4 per cent higher at 79,688 points, while Nifty closed 0.4 per cent to end at 24,300 points, rebounding from two days of losses. All sectoral indices opened in green and continued upward during the Muhurat Trading hour, with only Nifty IT closing marginally lower by 0.02 per cent.
Here are the Top 5 gainers and losers during the Muhurat hour:
The benchmark indices soared, marking a positive start for investors during the one-hour Muhurat trading session on Diwali evening.
The exchange platforms Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) were open for trading from 6.00 pm to 7.00 pm, marking the begining of Samvat 2081. The pre-market session began at 5.45 pm.
The Muhurat trading session typically consists of all the market segments, including equity, commodity derivatives, currency derivatives, equity futures and options (F&O), and securities lending and borrowing (SLB), within this single, auspicious hour.
The tradition of Muhurat trading, however, goes back a long time with the belief that investments made during this auspicious time will usher in good returns.
Also, the purchase of precious metals such as gold and silver, real estate, electronic items, and automobiles, among others, is specially timed by many on this auspicious day.
Usually, trading volumes at exchanges are high because lots of orders are placed all across. Last year, the benchmark stock indices soared substantially to brighten the investors' fortunes during the stipulated one-hour period.
Data showed the number of investors over the past years has also been rising during this one-hour special trade, and also in general.
"Our data analysis over the past 10 years shows that markets have closed in the red only 3 times during the Muhurat trading session. This indicates some likely festive cheer in coming trading sessions," Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher, had said in the run-up to Diwali.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor