Diwali Mahurat Trading : Benchmark Indices end at Record closing, Nifty above 12750
BPCL, Tata Motors,IOC, HDFC Life, Sun Pharma are the top gainers, Hindalco,JSW Steel, Heromotocorp are the top losers.
Mumbai : In an excellent start to the hindu new year ‘Vikram Samvat 2077’ the benchmark indices ended the special trading hour, with a high. While the BSE sensex closed at 43637.98, up 194.98 points or 0.45%, the NSE Nifty closed at 12,770.60, up 50.60 or 0.40%.
While, BPCL, Tata Motors,IOC, HDFC Life, Sun Pharma are the top gainers, Hindalco,JSW Steel, Heromotocorp are the top losers.
The indices opened the Muhurat Trading at fresh record high with NSE Nifty above 12800. At 18:16 IST, the Sensex was up 338.07 points or 0.78% at 43781.07, and the Nifty was up 96.80 points or 0.76% at 12816.80. About 1091 shares have advanced, 186 shares declined, and 56 shares are unchanged.
Whats is Muhurat Trading and its Significance?
Diwali marks the victory of Good over evil, Light over darkness. It is believed that lord Ram returned Ayodhya on this day after killing Demon king Ravana. The people of Ayodhya welcomed Ram by lighting lamps (diyas) in their homes. Since then Diwali or the festival of light is being celebrated in India and by the Hindus living across the world.
Although the stock markets like BSE and NSE remain closed on Diwali day, a special one hour special trading session held on that day. The one hour special time changes every year depending on the most auspicious time as suggested by astrologers.
The tradition is being followed since 1957 in the Bombay Stock Exchange (BSE) and since 1992 in the National Stock Exchange (NSE). It is believed that trading in this Muhurat (Auspicious time) brings good fortune and success.
This year’s ‘Mauhrat trading’ is being scheduled between 6.15 pm to 7.15 pm today (14th Nov 2020).
This year’s Diwali marks the beginning of Hindu New Year ‘Vikram Sambat 2077’. The trading community especially the Gujaratis and Marwaris perform special Laxmi Puja and start new account.