During the festive eve, the BSE Sensex rose by 355 points, or 0.55%, reaching 65,259.45. The NSE's Nifty50 gained 100.20 points, or 0.52%, closing the Muhurat trading session at 19,525.55.
Samvat 2080 was greeted on Dalal Street with enthusiasm, as investors eagerly invested in high-quality stocks during the special one-hour Muhurat trading session. On the eve of Diwali, both the BSE and NSE hosted the traditional trading session, where investors selected value stocks to mark the commencement of the new Hindu year, Samvat 2080.
During the festive eve, the BSE Sensex surged by 355 points, or 0.55%, reaching 65,259.45, while the NSE's Nifty50 increased by 100.20 points, or 0.52%, concluding the Muhurat trading session at 19,525.55. Investors showed significant interest in broader markets, with the BSE midcap index rising by two-thirds of a percent, and the BSE smallcap index gaining approximately one percent each.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services, stated that investors will closely monitor domestic and global macroeconomic data, global crude oil prices, the rupee's movement against the dollar, the ongoing quarterly earnings season, global trends, and FII/DII trading activity in the upcoming week.
Key economic indicators like India’s inflation, trade balance, US OPEC report, and others will impact the market. Nifty sectoral indices, including IT and media, closed higher. Top gainers were Coal India, UPL, and Infosys, while Britannia Industries, Sun Pharmaceuticals, and Apollo Hospitals closed slightly lower. India VIX, the fear gauge, rose over 2 percent.
Prashanth Tapse, Senior VP Research Analyst at Mehta Equities, sees a promising start for Samvat 2080, fueled by factors like the Federal Reserve's soft landing efforts, robust GST numbers, and active retail participation. He recommends 'Diwali Picks 2023,' featuring 12 stocks with balanced investment potential.
On Sunday's Muhurat Trading, 3,713 shares were traded on BSE, with 2,906 gaining, 688 ending lower, and 119 remaining unchanged. Sunil Shah, Director at Khambatta Securities, expects Indian equities to outperform global markets amid geopolitical uncertainties, emphasizing domestic consumption and premiumization as major themes for strong earnings growth.
Despite high valuations in small- and mid-cap segments, companies with strong fundamentals continue to justify their worth. The potential return of Foreign Portfolio Investors (FPIs) is anticipated. State and general elections could lead to sideways market movements. Key risks include inflation, interest rates, and geopolitical tensions.
In broader markets, Pix Transmissions surged 20%, Kovai Medical Center and Antony Waste Handling Cell gained 15% each, and Caplin Point Laboratories and NGL Fine Chem rose by 9%. On the downside, TamilNadu News Print & Papers dropped 7%, Sastasundar Ventures fell 6%, and PTC India and ESAB India were down 5% each. Rama Steel and Honda India Power Products declined by 4% during Muhurat Trading.
