This day also marks the beginning of the ‘Year of Vikram Samvat 2079’. Followed mainly by Gujaratis who make up the majority of the traders on Dalal Street, the Samvat year begins on Diwali day. Traditionally during the Muhurat session, traders and individual investors tend to buy shares, even if in small amounts, and not sell.
Despite a sharp sell-off in Hong Kong and China markets and steady trading on European exchanges, sensex started Monday’s session on a tough note and remained in a tight range before closed 0.9% in the green. On the NSE, the broader Nifty closed 154 points, also 0.9%, higher at 17,731.
According to HDFC Securities MD & CEO Dhiraj Relli, the positive ending in the Muhurat session is consistent with most such sessions in the past. “Indices rose, led by bank shares, after a volatile year, supported by positive signals from the European and US markets and despite the sell-off in Hong Kong and China markets. . Investors hope that the positive sentiment can carry over into the new Samvat year despite some macro and global difficulties. ”
On Friday, the major US indexes were up about 2% each. That turned out to be one of the main drivers for sensex, market players said. And earlier on Monday, markets in Tokyo and Seoul closed in the green while Shanghai and Hong Kong ended sharply lower after the end of the Party Congress in China before opening. Hang Seng closed 64% lower – the worst one-day percentage drop in a decade, reports said.
The winning session of the day on Dalal Street added more than Rs 2 lakh crore to investor wealth with BSE’s market capitalization currently sitting at over Rs 279 lakh crore. Of the 30 sensex stocks, 28 closed with gains, BSE data showed. Among the sensex stocks, ICICI Bank, HDFC Bank and HDFC together accounted for half of the index’s gain. On the other hand, losses at HUL Bank and Kotak limited sensex’s gains, according to BSE data.
On the sector front, the BSE indexes for capital goods, industrials, financial services, banking and telecommunications closed with gains of over 1% each, while the index for the FMCG sector closed in in red, becoming the only sector indicator to do so. On Diwali, BSE also started trading in electronic gold receipts (EGRs), a new product that will provide a new avenue for investors, jewelers and institutions to invest in the yellow metal. . Since 2015, BSE has been collaborating with the regulator and all market participants across India to launch various gold-based products, the exchange said in a press release. .
