Benchmark equity indices Sensex and Nifty surged over half a per cent in the Diwali Muhurat trading session 2023 on Sunday, November 12, on the back of buying across all the sectors.
The BSE Sensex settled 354.77 points or 0.55 per cent higher at 65,259.45 with all its constituents trading in the green, marking a positive beginning of the new Samvat Year 2080.
The NSE Nifty 50 Index added 100.20 points or 0.52 per cent to settle at 19,525.55 on account of gains in IT majors, infra and energy stocks.
On the Sensex index, Infosys, Wipro, NTPC, Asian Paints and TCS were the top five gainers, while Ultratech Cement and Sun Pharma were the only losers.
Coal India emerged as one of the biggest gainers during the muhurat trading session as the stock surged 4.1 per cent after the company reported a 9.85 per cent rise in revenue and a 12.51 per cent increase in profit year-on-year. ONGC shares touched an all-time high of Rs 199.70 after reporting 142 per cent year-on-year growth in net profit.
Muhurat trading is a symbolic one-hour trading session conducted by Indian bourses on Diwali every year. During the Samvat year 2079 ended on Friday, November 10, the Sensex gained 5,073.02 points or 8.47 per cent, while the Nifty jumped 1,694.6 points or 9.55 per cent.
"Hindu Samvat 2080 is likely to start on a positive note on the back strong earnings and healthy economic outlook. Samvat 2079 ended with Nifty gaining around 10%, despite economic headwinds and global geopolitical concerns. Entering into Samvat 2080, we believe India would continue to shine and expect markets to maintain its outperformance," said Motilal Oswal, Group MD & CEO, Motilal Oswal Financial Services Ltd
"We believe that over the next couple of quarters, sector rotation would be an important driver along with the overall market uptrend. We expect sectors like BFSI, Discretionary Consumption, Construction & Real Estate and High Growth Niche Sectors to drive the overall market uptrend," he added.