Diwali, the festival of lights, is a cherished time for investors in India as it marks the special Muhurat Trading session. This one-hour trading window symbolises the beginning of the Hindu New Year and is seen as an auspicious occasion to make fresh investments. This year, on Friday, November 1, 2024, the Indian stock market opened the Samvat 2081 year with a positive show, giving investors hope for a prosperous year ahead.
The BSE Sensex and NSE Nifty50, the two major Indian stock indices, both closed the Muhurat Trading session with gains, kicking off Samvat 2081 on a high note. The BSE Sensex ended the day at 79,724.12, marking an increase of 335 points, or 0.42%, while the Nifty50 closed just shy of the 24,300 mark, up by 94 points or 0.39%.
These closing figures reflect a steady upward trend, fueled by optimism among investors and strong performances in key sectors like banking, automotive, and oil and gas. This 1-hour Muhurat Trading session was symbolic, offering a glimpse of market strength and an upbeat outlook for the new Samvat year.
The previous year, Samvat 2080, proved to be an exceptional period for the stock market. During this year, the Sensex surged by an impressive 14,484.38 points, showing a 22.31% rise. Meanwhile, the Nifty50 gained 4,780 points, reflecting a solid 24.60% increase.
These gains contributed to a significant rise in investor wealth, which grew by ₹124.42 lakh crore, bringing the total market capitalisation to an all-time high of ₹4,44,71,429.92 crore ($5.29 trillion). This remarkable increase underscored a robust period for Indian equities, benefiting from strong domestic demand, resilient corporate earnings, and positive investor sentiment.
During the Muhurat session, several blue-chip stocks led the charge. Mahindra & Mahindra was the top performer with a notable 3.29% rise, showcasing strong sentiment in the automotive sector. Other significant gainers included Adani Ports (up by 1.26%), Tata Motors (up by 1.14%), and Axis Bank (up by 0.92%). Investors also saw gains in Nestle, NTPC, Reliance, ITC, Titan, Kotak Bank, Infosys, and TCS, further fueling the positive momentum.
Despite the overall gains, a few stocks faced losses, including HCL Tech, Tech Mahindra, and ICICI Bank. These declines were, however, minimal, and the market sentiment remained positive.
BSE Auto gained 1.15% on the sectoral front, driven by rising demand and steady sales reports. The consumer discretionary and oil and gas sectors also performed well, showing gains of 1.10% and 0.91%, respectively. This diverse sectoral strength reflects an optimistic outlook across various segments of the economy, suggesting that the market may continue to perform positively in the coming months.
Broader market indices mirrored this optimism, with the BSE Midcap index rising by 0.69% to 45,996.71 and the BSE SmallCap index gaining 1.16%, closing at 54,982.87.
On the global front, markets presented mixed results. European shares saw gains, while Asian markets, including Japan’s Nikkei 225 and South Korea’s Kospi, closed with declines.
Foreign Institutional Investors (FIIs), meanwhile, remained net sellers, offloading shares worth ₹5,813.30 crore on the previous day. This came after a challenging October, where Indian markets had significantly declined.
The Muhurat Trading session offered an encouraging start to Samvat 2081, with solid gains across indices, sectors, and broader markets. As the Indian economy grows, investors remain hopeful for a prosperous year filled with promising opportunities. May this auspicious start bring prosperity to all!
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
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