Samvat 2075 starts with 245-point Sensex gain

Mumbai: Samvat 2075 started on a positive note, with the benchmark equity index Sensex advancing 245 points and the Nifty ending the day close to 10,600 points in the symbolic Muhurat trade session, helped by firm global markets.

World stocks advanced on Wednesday after US midterm elections delivered no big surprise, while a string of solid earnings updates lifted European shares.

The Indian markets were open for a 1-hour trading session from 5:30 pm to 6:30 pm, marking Muhurat trade.

It is believed that Muhurat trading brings wealth and prosperity to traders and investors throughout the year. Old account books are closed and new ones opened on the day. Due to the bias towards buy orders rather than sell orders, markets have generally ended on a positive note on this day.

On Wednesday, the BSE’s 30-share Sensex advanced 0.70% or 245.77 points to close at 35,237.68 points, while the National Stock Exchange’s 50-share Nifty rose 0.65% or 68.40 points to close at 10,598.40 points.

“Muhurat trading is a symbolic gesture. Samvat 2075 has started on a positive note, helped by firm global markets,” said Deven Choksey, group managing director, KR Choksey Investment Managers Pvt. Ltd.

“Currency weakness was a spoilsport till now, and it looks like that will not continue. Some of the headwinds are subsiding,” added Choksey.

Market breadth was extremely positive with nearly five shares advancing for every share that declined.

All the sectoral indices closed higher. The BSE Auto index led the gains with a 1.08% advance, and the BSE Oil & Gas index followed next with a nearly 1% gain.

Twenty-eight of the 30 Sensex components closed higher. Energy-to-telecom conglomerate Reliance Industries Ltd. and vehicle maker Tata Motors Ltd. contributed the most to the gains for the Sensex. They rose 0.64% and 1.17%, respectively.