Diwali Muhurat trading 2024 highlights: BSE Sensex and Nifty50, the Indian equity benchmark indices, kicked off Samvat 2081 with a positive show on Friday. While BSE Sensex crossed 79,700, Nifty50 was at 24,300. BSE Sensex ended the special one hour Muhurat trading session at 79,724.12, up 335 points or 0.42%. Nifty50 closed the day at 24,299.55, up 94 points or 0.39%.
The top BSE Sensex gainers were M&M (3.54%), Adani Ports (1.29%), Tata Motors (1.13%), NTPC (0.98%) and Axis Bank (0.92%). The BSE Sensex losers were ICICI Bank (-0.04%), Asian Paints (-0.04%), Tech Mahindra (-0.33%) and HCL Tech (-0.57%).
Indian benchmark indices have demonstrated strong performance since the previous Diwali, with Nifty and S&P BSE Sensex showing gains of 25% and 23% respectively from their 2024 peaks.
The broader market indicators showed even stronger performance, with BSE 500, BSE Midcap, and BSE Smallcap indices recording gains of 37%, 47%, and 47% respectively during this timeframe.
The annual Diwali Muhurat trading session was held on Friday, November 1, 2024, at both NSE and BSE exchanges. The session was from 6:00 PM to 7:00 PM, initiating Samvat 2081.
Regular trading was suspended for Diwali, with only the special one-hour evening session taking place. This traditional trading session aligns with auspicious planetary positions and is considered beneficial for initiating new business ventures during the festival’s celebrations.
Analysis of previous special sessions reveals positive outcomes, with the BSE Sensex recording gains in 13 out of the last 17 sessions.
The approach to the new Samvat has been challenging, with Nifty experiencing a decline of 1,470 points (5.7%) in October, influenced by underwhelming Q2 earnings and valuation concerns. Several upcoming events could impact market performance, including US elections, state elections in Maharashtra, Jharkhand, and Delhi, plus the Union Budget in February.
SBI Securities stated in their analysis: “We believe Samvat 2081 will be a bottoms-up stock pickers market. Investors should adopt trading/investment strategy so as to preserve the wealth created post Covid pandemic and temper down return expectations for the next 6-12 months. New investors should adopt a gradual and well spread-out capital deployment strategy for the next 3-6 months so as to reap benefits in the second half of Samvat 2081.”
