Sensex gains in Diwali session; hopes high in new trading year | business | Hindustan Times
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Sensex gains in Diwali session; hopes high in new trading year

business Updated: Oct 24, 2014 08:53 IST


Indian shares rose in a special "muhurat" trading session for Diwali on Thursday, led by gains in Suzlon Energy Ltd. while hopes for continued foreign fund inflows into the country also boosted sentiment.

Sentiment for stocks remains supported by hopes for more economic reforms after the government earlier this week lifted price controls on diesel and set the stage for liberalisation of the coal industry.

Investors remain hopeful for further steps after Prime Minister Narendra Modi's party won two state elections earlier this month.

Foreign institutional investors have bought shares worth $13.3 billion so far in 2014.

The Sensex closed 0.24% higher at 26,851.05 points, while the Nifty rose 0.23% to close at 8,014.55 points.

Wipro Ltd. led the losers with a 3.6% drop after its quarterly earnings lagged estimates.

Muhurat means auspicious in Hindi, so the one-hour trading session was conducted during an auspicious time during the five-day Diwali festival. Markets will remain closed on Friday.

Other Asian shares had sagged on Thursday after a retreat on Wall Street and falling crude oil prices rekindled investor anxiety over slowing global growth, while a mixed picture on Chinese manufacturing failed to impress markets.

Domestic earnings and other global events will remain key for market direction next week.

Here's quick glance at the market sentiment, the year gone by and what is expected next.

Hopes high in new trading year

Muhurat session on the first trading day of the Hindu calendar year Samvat 2071 concluded on a positive note with the Sensex rising more than 63 points and Nifty regaining the 8,000-mark. A sign of good things ahead for the economy?

Positive start to a new year

26,851.05 points: Sensex close after the Muhurat session on Thursday

# The rally in the Muhurat session was led by stocks of oil and gas, consumer durables, capital goods, healthcare, FMCG, PSUs, realty, metal and banking

What's ahead

# Investor sentiment is on a high, especially after the Modi government has unveiled a slew of measures that have opened up the coal and diesel sectors, and signalled the government’s intent to tame inflation and bring down prices

“The mood is very buoyant and investors are happy that the government also looks set to stick to reforms.”
Dipan Mehta, member of the BSE.

A good year gone by

26.37%: Sensex gained in the entire Samvat 2070

# It is the biggest gain for the BSE benchmark in the last five Samvat years
# In Samvat 2065, it had gained 8,813.26 points or 103.57%

Rs 25 lakh crore: Investors in BSE listed stocks gained in Samvat 2070

$17 billion: Investments by foreign funds in Indian equities in Samvat 2070

787.89 points: Sensex has gained in past four sessions