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Muhurat session: Indices gain; auto, capital goods stocks rise (Roundup)

IANS  |  Mumbai 

Broadly positive global markets along with 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 -- and NSE -- make gains.

According to market observers, the special session to mark Samvat 2075 witnessed healthy buying in automobile, capital goods, oil and gas, and IT stocks.

The of (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 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, of Retail Research with HDFC Securities, told IANS.

"Auto stocks like Mahindra and Mahindra, Hero MotorCorp; Tech stocks like and those of OMC's (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 gained 8 per cent on a year-on-year basis while the NSE rose 3.8 per cent.

The special trading session held every year on Diwali is considered to be auspicious for 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.

--IANS

rv/mr

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, November 07 2018. 19:42 IST
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