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Diwali Muhurat Trading 2023: Sensex, Nifty begin Samvat 2080 on a strong note
Diwali Muhurat Trading 2023: Samvat 2080 started with a positive note for markets as Sensex, Nifty saw big gains.
Sensex and Nifty saw big gains making the beginning of Samvat 2080 auspicious during the hour-long special trading session on Diwali. Markets were in green at 6.15pm on Diwali 2023 with Sensex at 65,249 and Nifty at 19,522. In the pre-open session, Sensex rose 600 points and Nifty was around 19,600. The market ended strong with Sensex 354 points higher at 65.259 and Nifty at 19,525
Coal India, UPL, NTPC, Eichermot, Infy emerged as the Nifty winners. Coal India stock hit 7-year high post Q2 results.
Diwali Muhurat trading is a yearly ritual for the Indian stock market to trade for an hour on the auspicious muhurat of Laxmi Puja. Last year, both the Sensex and Nifty rose by 0.88% during the hour-house trading session, while in 2021 they each gained 0.49%.
During the auspicious session, one can buy and sell stocks. Anyone with a trading account can participate in the Muhurat trading. Trading in Futures and Options is allowed in the hour-long session.
The muhurat trading session comprises five sessions – block deal, pre-open, main trading, call auction, and closing. Block deal session is the first phase in which traders commit to buying or selling stocks at a fixed price and inform the stock exchange. Pre-open session is where the stock exchange determines the opening price based on supply and demand. The main trading window is open for an hour. The call auction session is where illiquid securities (those that are not traded frequently) are traded. In the closing session, traders or investors can place a market order at a closing price.
Trading will take place across various segments such as equities, commodity derivatives, currency derivatives, equity futures & options, and securities lending & borrowing (SLB). "Of the past 10 muhurat trading sessions, seven concluded with positive returns, highlighting the auspicious nature of the occasion for market participants," Harjeet Singh Arora, managing director at Mastertrust told LiveMint.
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