Diwali Muhurat Trading 2023: Sensex ends 355 points higher; IT stocks lead
The benchmark equity indices on the BSE and NSE kickstarted Samvat 2080 on a strong note, driven by broad-based rally across sectors. In the one-hour Muhurat Trading session, the BSE Sensex gained as much as 514 points, or 0.79%, to touch an intraday high of 65,419. In a similar trend, the NSE Nifty surged 122 points, or 0.62%, to hit a day’s high of 19,547 levels.
On the eve of Muhurat Trading, the 30-share index Sensex settled 355 points, or 0.55%, higher at 65,259 levels, and the Nifty50 ended at 19,523, up 98 points, or 0.51%.
Similarly, the broader markets also ended on a positive note, with the BSE MidCap and SmallCap indices advancing 0.65% and 1.2%, respectively.
Among sectors, all the indices ended in green zone, led by IT and metal spaces. The top performer on the sectoral front was IT index with a 1% gain, led by sectoral heavyweights Infosys, Wipro, Tata Consultancy Services. Among mid and small size players, 63 Moons Technologies, Cressanda Solutions, Sasken Technologies, and Cybertech Systems & Software were top performers.
On the Sensex pack, Infosys topped the chart with a 1.48% gain, followed by Wipro, NTPC, Asian Paints, and TCS, which rose in the range of 0.75% to 1%.
Reliance Industries, the country’s most valued firm, ended 0.7% higher, while Tata Consultancy Services (TCS), the second in the term of BSE m-cap, settled with 0.77% gain.
Indian stock markets opened for a special Diwali muhurat trading today, between 6.15 pm and 7.15 pm, to mark the beginning of Hindi accounting year Vikram Samvat 2080. The muhurat trading is a common ritual followed by traders in India as it is considered as the auspicious time to begin something new or make good investments.
Historical data of the last ten years shows that the BSE benchmark Sensex ended the muhurat day trading sessions on a positive note, except 2017. The year 2017 (Samvat 2074) was the worst Diwali muhurat session in the last decade, with the Sensex losing 0.6% during the session.
On the other hand, the last muhurat session (Samvat 2079) was the best for traders as the Sensex gained 0.88% on that day. In the last one year, the BSE Sensex has gained nearly 6%, while the broader Nifty rallied 6.5% during the same period.
Going ahead, analysts expect Samvat 2080 to be an interesting year as the market is entering a critical period marked by state assembly elections in some key states this month, followed by general elections scheduled next year.
Pranav Haridasan, MD & CEO, Axis Securities, says, “Samvat 2080 will be quite a fascinating 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.”
“Amid a volatile global landscape, India remains in a favourable position for growth, which will be a significant driving force behind Indian equities in the foreseeable future. The improvement in the balance sheet strength of corporate India and the much-improved health of the Indian banking system are other positive attributes. They will ensure that Indian equities readily deliver double-digit returns in the next 2-3 years with the support of double-digit earnings growth,” he adds.
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