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It’s been a long-standing ritual in the Indian trading community to conduct Muhurat trading on Diwali. It is believed that this session will bring prosperity and abundance to investors throughout the year.
“On the auspicious day of Muhurat trading, we are expecting markets to be bullish as on the back of the global & SGX nifty market, the index can show gap-up opening,” Palak Kothari research associate, Choice Broking.
The stock market had a stellar run in the past one year. The two benchmark indices Sensex and Nifty touched fresh all-time highs and crossed 60,000 and 18,000 respectively. The bull run has made investors richer by about Rs 99 lakh crore during Samvat year 2077, according to the official data. Both the indexes gain around 50 per cent in Samvat highest in last few years, according to Kotak Securities. Metal, banking and financial services and software exporters led the rally. Besides, pharma and FMCG stocks saw muted gains in prices during the past year.
Analysts believed that the stock market would continue this positive momentum in Samvat 2078. “After the spectacular returns in Samvat 2077, investors should expect modest returns only, say in low teens, in Samvat 2078,” said VK Vijayakumar, chief investment strategist at Geojit Financial Services said.
“Metals, Realty, IT, Banking, Financials like mortgage and Fintech, Telecom and Capital goods are likely to perform well,” he added.
“Stock specific movement can be expected as HPCL, SBICARD, DABUR, SBIN are looking strong on charts. We are advising clients to invest in quality stocks as we are expecting markets to be rallied in the upcoming week,” said Palak Kothari, research associate, Choice Broking.
What awaits for investors during Diwali Muhurat trading and in Samvat 2078? Check our LIVE blog for all the latest updates of Muhurat Trading
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