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Nifty, Sensex rise in special 'muhurat' trading session on Diwali; global cues buoy indices, auto stocks up

FP Staff
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.

Mumbai: Shares made modest gains in a special "muhurat" one-hour trading session for Diwali on Wednesday, shored up by large-cap IT and financial stocks.

The benchmark Sensex gained 248 points or rose 0.7 percent to 35,237.68, while the broader Nifty climbed 64.75 points  or 0.65 percent to 10,598.40. 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.

Broadly positive global markets along with lower crude oil prices pushed the key equity indices higher during the special "Muhurat" trade session.

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.

Software services exporter Infosys Ltd was the top boost to the Nifty with a gain of 1.4 percent.

Manappuram Finance Ltd climbed 4.9 percent after the non-banking financial company on Tuesday reported strong quarterly earnings.

Auto stocks also saw strong buying interest with the Nifty Auto index rising nearly 1 percent. Mahindra and Mahindra Ltd led the gains with a rise of 1.9 percent and was the biggest percentage gainer on the NSE index.

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.

--With inputs from agencies

Also See: BSE, NSE to conduct special 'Muhurat' trading session tomorrow; markets to be closed on 7 and 8 November

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