Diwali Muhurat Trading: Stock Market Witnesses Buoyancy

INDIA. Mumbai: The Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) http://National Stock Exchange (NSE)witnessed a positive start to “Samvat 2080” as the benchmark equity indices surged 0.9% during the customary one-hour special ‘ Diwali Muhurat Trading.’

The trading session, held between 6.15 pm to 7.15 pm at the BSE in South Mumbai, marked a noteworthy beginning to the Indian festive season.

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The Sensex climbed 354.77 points or 0.55% to reach 65,259.45, while the Nifty recorded a gain of 100.20 points, rising by 0.52% to 19,525.55. This Diwali Muhurat trading session stands out as one of the most positive in recent years.

Among the Nifty winners, Coal India, UPL, NTPC, Eichermot, and Infy emerged prominently. Coal India’s shares gained 4.1% after reporting a 9.85% rise in revenue and a 12.51% increase in profit year-on-year.

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ONGC shares achieved an all-time high of Rs 199.70, driven by a remarkable 142% year-on-year growth in net profit. BSE Ltd saw a surge of 7.8% to a record high of Rs.2,168.5 on NSE after reporting a four-fold increase in net profit to Rs.118.4 crore for the September quarter.

Other top gainers included Infosys Ltd, Wipro Ltd, Asian Paints Limited, Tata Consultancy Services Ltd, and Titan Company Limited.

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The tradition of Muhurat Trading, observed for about six decades, is considered auspicious as traders and investors seek the blessings of Goddess Lakshmi for future wealth and prosperity.

This cultural and astrological practice has its roots in ancient India, with King Vikramaditya believed to have initiated Muhurat trading. The Bombay Stock Exchange (BSE) introduced it in 1957, followed by the National Stock Exchange (NSE) in 1992.

Market participants engage in token transactions during this special session, hoping for success and financial prosperity in the upcoming year.

Prior to Muhurat Trading, the trading community performed the “Chopda Pujan” ceremony, worshipping account books and opening new books of account. They adorned digital tools with vermilion and performed Laxmi Poojan, seeking prosperity for the new year.

Diwali festivities included bursting firecrackers, distributing sweets, and illuminating homes with lights, candles, and Rangolis.

The aerial fireworks lit up the sky, creating a spectacular show. The “Balipratipada,” a new year celebrated by the Gujarati community, will follow on Tuesday, November 14, as Diwali Amavasya spans from 2.44 pm on November 12 to 2.56 pm on November 13.

Also Read: Mumbai Share Broker Arrested in Connection with Illegal “Dabba” Trading

  • Raju Vermekar is a senior Mumbai-based journalist who have worked with many daily newspapers. Raju contributes on versatile topics.

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Originally posted 2023-11-13 03:04:00.