Diwali muhurta trading investors Rs. 3.26 lakh crore as Sensex begins Samvat 2081 on a sweet note

Indian benchmark indices Sensex and Nifty started the new Hindu calendar year Samvat 2081 on a sweet note as the Sensex surged over 300 points in the special muhurta trading session held today. A solid opening, driven by buoyant investor sentiment, meant that the total market capitalization of all BSE-listed companies rose to Rs. 3.26 lakh crore increased to Rs. 447.97 lakh crores.

The 30-share BSE Sensex was up around 335 points, or 0.4%, while the broader Nifty50 gained 94 points, or 0.4%.

Auto stocks saw buying as companies released their monthly sales figures. Mahindra & Mahindra rose nearly 3%, while Tata Motors gained more than 1%. Meanwhile Maruti Suzuki was up around 0.6%.

In the Sensex pack, almost all stocks were trading higher except HCL Tech, Tech Mahindra and ICICI Bank, which ended in the red.

The broader market also got off to a strong start to the first day of trading in the new Hindu calendar, with the Nifty Smallcap 100 index and the Nifty Midcap 100 rising around 0.8% each.

Sectorally, auto and PSU banks led the gains with the Nifty Auto index up 1.3% and the Nifty PSU Bank index up 0.7%. All sectors except the Nifty IT index closed the session in the green.

On the earnings front, shares of Tata Investment Corporation have been stuck between gains and losses as the company’s second quarter profit on a year-on-year basis stood at Rs. 214 crores. The stock rose 0.1% on BSE to Rs. closed at 6893.

Muhurta trading has deep cultural and financial significance as it symbolizes the beginning of the financial new year for stockbrokers and investors.

The session is seen as a sign of optimism and growth, with many believing that investments made during this hour will lead to prosperity.

Oil prices

Oil prices rose more than 2% on Friday on reports that Iran was preparing to retaliate against Israel from Iraq in the coming days, although benchmarks were still set for weekly declines.

Brent crude futures were up 2.4% at $74.53 a barrel by 10:24 GMT, while US West Texas Intermediate (WTI) crude was up 2.5% at $71.02.

Global markets

Global markets started the month of November cautiously ahead of US jobs data and a big presidential election later this week.

Europe’s broad Stoxx 600 managed to rise 0.6%, though it was still set for its worst week in nearly two months. Those gains were balanced by declines in Asian shares, particularly in Japan, to leave MSCI’s world share index flat.

analysts take

Despite the recent fall in the markets, analysts said the optimism during the early trading reflected positive investor sentiment. The current correction in the markets is likely to start correcting itself in the next few weeks.

“Probably, between November 15 to January 15, the markets should start stabilizing and show a certain trend, mostly positive. It is clear that the clearest investment opportunity lies in the largecap space. Of course, smallcaps can also offer a lot. In Indian stock markets Given that there are around 1000 smallcaps, there are investment opportunities,” said Vikas Gupta, smallcase manager and CEO of OmniScience Capital.

Going forward, Titan, Dr. Several index heavyweights like Reddy’s, Tata Steel, Power Grid, Apollo Hospitals, M&M, Trent, SBI, Tata Motors will announce their results next week.