The two key stock exchanges – Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE) will conduct a special 1-hour Muhurat trading session on the festive occasion of Diwali on Wednesday, 7 November.
The session will be held between 5:30 pm and 6:30 pm in both stock exchanges. This Diwali marks the beginning of Vikram Samvat 2075.
The special trading session held every year during Diwali. It is considered to be an auspicious occasion for stock market trading. Traders have been observing this ritual for years, and believe that the “Muhurat” trading on this day brings wealth and prosperity throughout the year.
The pre-opening session is expected to start 15 minutes prior to the Muhurat trading, says report.? Equities, equity derivatives F&O (futures & options) and currency derivatives orders will be accepted between the Muhurat trading.
However, the key equity indices of Samvat 2074 closed on a timid note on the Diwali eve. The S&P BSE Sensex and NSE Nifty50 ended flat on Tuesday. At the closure of the yearly account books, the benchmark Sensex gained eight per cent on a year-on-year basis, while the Nifty50 rose 3.8 per cent.
Index-wise, the S&P BSE Sensex rose 40.99 points to 34,991.91 points. It had opened at 35,076.24 points from its previous close of 34,950.92 points. Similarly, the NSE Nifty50 closed flat at 10,530 points.
The domestic equity market, which had opened on a positive note in the day’s trade, failed to hold on to its gains. The selling pressure in indices like banking and finance sectors lowered investors’ sentiments.
On a sector-specific basis IT, TECK (technology, entertainment, and media) and consumer durables stocks made gains on the BSE by over one per cent each, while the banking and finance counters slipped.