Thursday 3 December 2020
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Sensex, Nifty soar to lifetime high on Diwali day, Samvat 2077

In the previous Samvat 2076, the BSE Sensex had gained 4,384.94 points or 11.22% while the Nifty had rallied 1,136.05 points or 9.80%

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Economy Sensex, Nifty soar to lifetime high on Diwali day, Samvat 2077

Domestic equity benchmarks surged to lifetime highs on Diwali as investors built up fresh positions in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2077.

The 30-share BSE Sensex soared 194.98 points or 0.45% to close at a record 43,637.98. Intra-day, it hit its all-time high of 43,830.93.

On similar lines, the broader NSE Nifty advanced 60.30 points, or 0.47%, to finish at its lifetime high of 12,780.25. It touched an intra-day record of 12,828.70 during the session.

In the Sensex kitty, prominent gainers were Bharti Airtel, Tata Steel, Sun Pharma, Bajaj Finserv, ITC, Infosys, HDFC Bank and ONGC, spurting up to 1.17%.

Only four constituents closed in the red — PowerGrid, Titan, UltraTech Cement and Bajaj Finance, which shed up to 0.32%.

Brokers said buying activity gathered momentum as investors opened their new books on the first session of Samvat 2077.

All BSE sectoral indices finished in the green, led by oil and gas, telecom, industrials, realty, tech and energy.

A similar trend was seen in the broader markets, with the BSE small-cap index jumping 0.84% and the mid-cap gauge gaining 0.62%.

Domestic markets conduct a special one-hour Muhurat trading session on Diwali every year to mark the beginning of the traditional Hindu calendar year, called ‘Vikram Samvat’.

In the previous Samvat 2076, the BSE Sensex had gained 4,384.94 points or 11.22%, while the Nifty rallied 1,136.05 points or 9.80%.

The BSE and NSE will remain closed on Monday (November 16) on the occasion of ‘Diwali Balipratipada’.

Meanwhile, foreign institutional investors (FIIs) net bought shares worth Rs 1,935.92 crore on Friday, while domestic institutional investors sold to the tune of Rs 2,462.42 crore, as per provisional exchange data.

Generally, the muhurat trading brings prosperity and wealth throughout the year. It takes place on the Laxmi Pujan day for an hour in the evening.

“Given the improving macro backdrop as well as the environment of low prevailing interest rates and a weak US Dollar, we expect Indian equity markets to continue to do well in 2021. However, given the steep rally seen in the last few months and the stretched valuations in some sectors, the near term outlook on the market would be ‘neutral’,” Unmesh Kulkarni, Managing Director Senior Advisor at Julius Baer India, said.

“The next decisive move in the markets could come with the economy and earnings picking up in a consistent manner over the next couple of quarters. At the aggregate Nifty level, a higher single-digit or lower double-digit performance seems to be the likely scenario in the new Samvat 2077,” Kulkarni said.

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