Broadly positive global markets along with lower crude oil prices pushed the key Indian equity indices higher during the special “Muhurat” trade session on Wednesday.
The special hour-long session held every year on Diwali day to mark the start of the Hindu New Year saw the key equity indices — S&P BSE Sensex and NSE Nifty50 — make gains.
According to market observers, the special session to mark Samvat 2075 witnessed healthy buying in automobile, capital goods, oil and gas, banking and IT stocks.
The Nifty50 of the National Stock Exchange (NSE) gained 68.40 points or 0.65 per cent to close at 10,598.40 points.
Similarly, the 30-scrip sensitive index (Sensex) made gains during the trade session.
The S&P BSE Sensex, which opened at 35,301.88 points, closed at 35,237.68 points — up 245.77 points or 0.70 per cent from Tuesday’s close at 34,991.91 points.
“Markets ended the ‘Muhurat’ session with healthy gains. Nifty (Nifty50) and Sensex closed higher by 0.65 and 0.70 percentage (respectively),” Deepak Jasani, Head of Retail Research with HDFC Securities, told IANS.
“Auto stocks like Mahindra and Mahindra, Hero MotorCorp; Tech stocks like Infosys and those of OMC’s (oil marketing company’s) rose as crude prices fell,” Jasani said. “Gains in the markets seem to usher in better times for the coming year.”
In Samvat 2074, the S&P BSE Sensex gained 8 per cent on a year-on-year basis while the NSE Nifty50 rose 3.8 per cent.
The special trading session held every year on Diwali is considered to be auspicious for stock market trading.
It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.
This ritual has been observed for ages by the trading community.
The Indian equity market will be closed on Thursday, November 8, to mark Diwali Balipratipada.