Indian equity benchmarks opened higher during the special Muhurat Trading session on Sunday, November 8, marking the beginning of Samvat 2083.
At 2:20 pm, the NSE Nifty 50 opened at 25,070.45, gaining 40.10 points or 0.16 per cent. The BSE Sensex started the session at 81,299.34, rising 271.32 points or 0.33 per cent.
The broader market outperformed the benchmarks, with the Nifty Midcap 100 and the Nifty Smallcap 100 rising 0.30 per cent and 0.85 per cent, respectively. Likewise, the Nifty Microcap 250 also surged over 1.33 per cent, at the time of writing.
The special one-hour trading session is being held to coincide with Diwali Lakshmi Pujan, an annual tradition in Indian stock markets. Investors consider Muhurat Trading an auspicious occasion to make token investments and mark the beginning of the Hindu New Year.
Top Gainers & Losers In Nifty 50
Of the 3,272 stocks traded so far, 2,628 stocks advanced, 534 declined and 110 remained unchanged.
Leading the Nifty 50 index, Sun Pharma, Tata Steel, Adani Ports, and ONGC surged in the range 1-3 per cent. Capping the gains on the index were InterGlobe Aviation, Bharti Airtel, SBI Life Insurance, Infosys, and Trent, falling between 0.50 per cent and 1 per cent.
Muhurat Session Comes After Strongest Weekly Rally In Five Years
The NSE and BSE are conducting the special trading session from 2:20 pm to 3:30 pm, following a pre-open session from 2:05 pm to 2:19 pm.
The positive opening comes after a strong rally in the domestic stock market. On Friday, November 6, the Nifty surged 2.01 per cent to 25,030.35, closing above the 25,000 mark for the first time since February 27. The Sensex climbed 2.17 per cent to 81,028.02, with both benchmarks settling at their highest levels in more than eight months.
Indian equities also recorded their strongest weekly performance in more than five years. The Sensex gained 8.8 per cent during the week, while the Nifty advanced 8.6 per cent. Both indices extended their winning streaks to seven consecutive sessions.
What Is Muhurat Trading
Muhurat Trading is a special stock market session held every year on Diwali to mark the beginning of the new Samvat year. The word 'Muhurat' refers to an auspicious time in Hindu traditions.
Investors and traders consider this session an opportunity to make symbolic investments and seek prosperity and wealth in the coming year. Buying shares during the session is a longstanding tradition among market participants.
However, the auspicious significance of the occasion does not change the underlying risks of investing in equities. Investors should continue to consider a company's fundamentals, valuations and their own financial goals before making investment decisions.
