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Muhurat Session: Indices Gain; Auto, Capital Goods Stocks Rise

Muhurat Session: Indices Gain; Auto, Capital Goods Stocks Rise

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  8 Nov 2018 7:23 AM GMT

Mumbai: Broadly positive global markets along with lower crude oil prices pushed the key Indian equity indices higher during the special “Muhurat” trade session on Wednesday. The special hour-long session held every year on Diwali day to mark the start of the Hindu New Year saw the key equity indices — S&P BSE Sensex and NSE Nifty50 — make gains during the intra-trade period.

According to market observers, the special session to mark Samvat 2075 witnessed healthy buying in automobile, capital goods, oil and gas and banking stocks. The Nifty 50 of the National Stock Exchange (NSE) gained 64.75 points or 0.61 per cent to 10,594.75 points.

Similarly, the 30-scrip sensitive index (Sensex) gained 248 points during the trade period. The S&P BSE Sensex, which opened at 35,301.88 points, traded at 35,240.15 points (at 6.15 p.m.) — up 248.24 points or 0.71 per cent from Tuesday’s close at 34,991.91 points. In Samvat 2074, the S&P BSE Sensex gained eight per cent on a year-on-year basis, while the Nifty50 rose 3.8 per cent. The special trading session held every year on Diwali is considered to be auspicious for stock market trading. It is believed that the “Muhurat” trading on this day brings wealth and prosperity throughout the year. This ritual has been observed for ages by the trading community.

US stocks traded higher on Tuesday as investors closely followed the country’s mid-term elections. The Dow Jones Industrial Average gained 113.63 points, or 0.45 per cent, to 25,575.33. The S&P 500 was up 9.36 points, or 0.34 per cent, to 2,747.67, Xinhua news agency reported. The Nasdaq Composite Index rose 31.74 points, or 0.43 per cent, to 7,360.59. The results of the US midterm elections are expected to send ripples throughout capital markets.

On the economic front, the number of job openings decreased to 7 million on the last business day of September, the US Labor Department said on Tuesday. Over the month, hires and separations were both little changed at 5.7 million. Within separations, the quits rate was unchanged at 2.4 per cent and the layoffs and discharges rate was little changed at 1.1 per cent, said the department. On Monday, a report showed that the ISM non-manufacturing index hit 60.3 per cent, higher than analysts’ expectations. The non-manufacturing sector has again reflected strong growth despite a slight cooling off after a record month in September, said experts. (IANS)

Also Read: ‘Muhurat’ trade session: Global cues, profit booking subdue markets

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