14 November 2020 18:31

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Diwali 2020: Sensex, Nifty Soar To Record Highs In Special Muhurat Trading Session

The Sensex ended 194.98 points - or 0.45 per cent - higher at 43,637.98 and the Nifty settled at 12,780.25, up 60.30 points - or 0.47 per cent - from its previous close--both record closing highs. (Also Read: What Muhurat Trading Is All About) Bharat Petroleum, Indian Oil, Tata Motors, HDFC Life and Sun Pharma, closing between 1.09 per cent and 5.19 per cent higher, were the top gainers in the Nifty basket of 50 shares. On the other hand, Hindalco, Hero MotoCorp, JSW Steel, SBI and Bajaj Finance, ending 0.57-1.21 per cent lower each, were the worst hit among 15 laggards.(Also Read: Here Are Brokerage's Top Picks For Diwali 2020) The Nifty Bank index - which tracks stocks of 12 major lenders in the country - settled 0.45 per cent higher, led by Kotak Mahindra Bank and HDFC Bank 0.43 per cent and 0.90 per cent respectively. Financial stocks have a weightage of almost 36 per cent in the Nifty 50 index. Market breadth was highly positive with an advance-decline ratio of 3:1, as 1,842 shares on the BSE rose against 606 that fell.

This week, the government unveiled Atmanirbhar Bharat 3.0 stimulus measures worth Rs 2.65 lakh crore to rescue the economy out of a historic contraction caused by the coronavirus pandemic. The markets have recently broken a series of records amid a broader global surge in risk appetite on optimism around a coronavirus vaccine. Robust corporate earnings by many large-cap companies including SBI, HDFC Bank, Indian Oil, Larsen & Toubro and Bharti Airtel, highlighting a recovery in businesses impacted by COVID-19, have also boosted investor sentiment. Both Sensex and Nifty have recovered two-thirds of losses registered in March, as the country entered the world's biggest lockdown, to curb the spread of the coronavirus pandemic, which has pushed economies and businesses into a tailspin. Indian stock markets remained closed on Diwali for normal trading but it is to noted that the one-hour special Muhurat trading session is conducted annually on the auspicious day of Diwali.

Keeping up with the tradition, BSE and the NSE will conduct Muhurat trading session in 2020 too on Diwali (November 14). The Muhurat trading session is scheduled to start at 6:15 and it will end at 7:15. There will be pre-open Muhurat Session from 6:00 pm to 6:08 pm and a post-closing Muhurat Session between 7:25 pm and 7:35 pm. Significance of Muhurat trading The practice of Muharat trading started way back in 1957 when it was decided that trading should be done at Bombay Stock Exchange on Diwali to tap the benefits of 'Shubh Muharats' or auspicious times. There is common belief that Muharat trading brings prosperity and wealth.

It is to be noted that people of Dalal Street switch to a new accounting calendar on Diwali day. It is widely believed that the one-hour Muhurat trading is the perfect time for millennials to enter the market. Many traders believe that during Muharat occasion, the planets are aligned in such a manner that the trading or any other work done during this time is free from the influences of evil forces and anyone who invests in market during this time is more likely to see a rewarding outcome. This is one of the main reasons why buying and selling of stocks during Muharat trading hour is believed to result in prosperity and wealth. Meanwhile, markets closed in the green on Friday (November 13) tracking recovery in financial stocks amid mixed cues from global markets.

The 30-share BSE Sensex ended 85.81 points or 0.20 percent higher at 43,443. The broader NSE Nifty rose 29.15 points or 0.23 percent to 12,719.95. India celebrated Deepavali, or Diwali, also called the festival of lights, on November 14 Every year, in the days leading up to Deepavali, crowds of happy shoppers fill stores across Bengaluru and, as calls of season's greetings ring out, they go on the hunt for festive deals, last-minute gifts for friends and family, and, of course, firecrackers. 2020, though, with the impact of the coronavirus and rising concern over air pollution and quality, has been a little different and much of that usual buzz and merrymaking is missing. How to find out if it is a "green" firecracker," Paranjyoti, the president of the Karnataka Fireworks Dealers Association, told NDTV.

The state government has issued an advisory to this effect, asking people to look for the distinctive green logo that distinguishes "eco-friendly" firecrackers - products that have been promoted, by both centre and states, as an alternative to the regular noxious-smoke-producing ones. "We request people that it (the bursting of firecrackers) should be done in a totally non-polluting atmosphere. Only green firecrackers - in which non-polluting chemicals are used. Second, we request people to do this for limited time only," Basavaraj Bommai, the state Home Minister, said. However, possibly a little too much faith is being placed in the "green" versions, with medical experts suggesting that even these are likely to be unhealthy - particularly with an infectious virus that targets the respiratory system running rampant across the country. The Karnataka government, which has urged the public to keep Deepavali celebrations low-key, initially announced a ban on all firecrackers. Later the same day, Chief Minister BS Yediyurappa allowed "green" crackers; his deputy, Dr Ashwath Narayan, cited "cultural reasons" for the U-turn. However, the Covid pandemic - which has infected nearly 8.6 lakh people in Karnataka (and 87.7 lakh in India) - and the way the virus targets the lungs - has made people more aware of air quality. "From the point of view of the health of the country, it is better to use face masks and practice social distancing. Meanwhile, shop owners eager for business during the festive season, have been asking customers to observe Covid precautions. Sandeep, the owner of a dry fruits store, told NDTV: "We are asking people to wear a mask and to keep social distancing." The on-ground reality, though, is that social distancing and the use of face masks are definitely not being followed by everybody, and this could potentially be bad news. Karnataka's Covid numbers have been going down and the hope is that the festival season does not cause a surge in cases, as was witnessed in Delhi and, before that, in Kerala. The Indian stock markets started Samvat 2077 on strong note with both Sensex and Nifty hitting their new lifetime highs in Saturday's Muhurat trading session. The S&P BSE Sensex rose as much as 390 points to hit fresh high of 43,830 levels, while the Nifty50 index gained over 70 points to 12,790, as buying activity gathered momentum as investors opened their books on the first session of Samvat 2077. Coming off from day's high, the BSE Sensex closed Diwali trading session at 43,637.98, up 194.98 points or 0.45 per cent, and the NSE Nifty ended 50.65 points or 0.40 per cent higher at 12,770.60. Among the individual stocks, Bajaj Finserv, Tata Steel, Bharti Airtel, IndusInd Bank, L&T, ITC, and Axis Bank were among top gainers. On the sectoral front, all the indices were trading in green, with telecom and oil and gas emerging as top gainers, rising over 1 per cent each. For many years now, stock exchanges BSE and NSE hold a one-hour special symbolic Muhurat trading session to mark the auspicious occasion of Diwali. The BSE and NSE opened for an hour, from 6.15 pm to 7.15 pm with pre-open at 5.45 pm to 6:00 pm. Investors open their new books in this festive session, as the word "Muhurat" means an auspicious time to start something. Many traders also purchase stocks on this occasion for the long run as they believe gains made during this session bring prosperity and wealth in the year ahead. In the previous Samvat 2076, Sensex rose 192 points to end at 39,250, while Nifty added 0.65% to close at 10,598. Sensex has settled higher in 11 of the last 14 Muhurat trading sessions. On Friday, the BSE Sensex ended 85 points higher at 43,443 and Nifty closed 29 points higher at 12,719, ahead of Muhurat trading scheduled on the eve of Diwali. IndusInd Bank, followed by SBI, L&T, Axis Bank, HDFC twins, Kotak Bank and ICICI Bank were among the top losers today. On the other hand, Asian Paints, Reliance Industries, Titan, Bajaj Finance and Sun Pharma were trading with gains. Barring FMCG and media, all the sectors closed bullish today, with over 1% gains registered in media, pharma and realty. Also Read: Sensex, Nifty close higher ahead of Muhurat trading; SBI, Titan, RIL top gainers Also Read: BSE, NSE to hold Muhurat trading on Nov 14 Also Read: Infosys, ICICI Bank, Britannia stocks among top picks for Samvat 2077 Indian stock markets remain closed on Diwali for normal trading. But Indian stock exchanges conduct a one-hour special Muhurat trading session annually on the auspicious occasion of Diwali. The Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) are all set to conduct the Muhurat trading 2020 today (November 14) on the occasion of Diwali. As per media reports, the Muhurat trading session is scheduled to begin at 6:15 pm and end at 7:15 pm. A pre-open Muhurat session will also be arranged from 6:00 pm to 6:08 pm while a post-closing Muhurat session will be conducted between 7:25 pm and 7:35 pm. In 1957, it was decided that there should be trading at the Bombay Stock Exchange on Diwali to tap the benefits of Shubh Muhurats or the auspicious times. It is believed that Muhurat trading brings prosperity and wealth. The people of Dalal Street switch to a new accounting calendar on Diwali day. The common belief among the traders is that during Muhurat times, the planets are aligned in such a manner that trading done during this time remains free from the influences of evil forces and anyone who invests in the market during this time is more likely to see a rewarding outcome.