Indian Stocks See Strong Gains During Samvat 2080 Muhurat Trading on Diwali
It’s been a promising start to Samvat 2080 for Indian stocks, with benchmark indices significantly rising during the one-hour Muhurat trading session on Diwali evening. The Sensex rose about 500 points, reaching 65,279 points at 6:51 pm. Meanwhile, 46 of the Nifty 50 stocks were in the green, with Coal India, UPL, Infosys, Eicher Motors, and Wipro leading the pack.
During this auspicious hour, investors traditionally place orders for stocks that they believe will bring good returns as they celebrate Diwali, the festival dedicated to the Goddess of Wealth.
Like every year, the market recommendations have been put out stock brokerages and financial advisory firms, with generally bullish outlooks for the Hindu calendar year ‘Samvat 2080.’
The US Federal Reserve’s decision to maintain the key policy rate, coupled with reports that oil exporters Saudi Arabia and Russia plan to continue their oil output cuts until 2023, has also been driving stock market activity globally.
Amidst these developments, some Indian advisory firms have suggested focusing on themes like financials, consumption, discretionary spending, construction, real estate, and high-growth niche sectors like MFIs, electronic manufacturing, and FinTech stocks.
Looking ahead, the upcoming state elections in November-December 2023 and the possibility of general elections in May 2024 have historically resulted in pre-election rallies, which bodes well for the outlook of Indian equities in Samvat 2080.
Overall, the Indian stock market has seen a strong start to Samvat 2080, with optimistic recommendations from various advisory firms, despite rich valuations in the broader market. This points toward a promising outlook for investors in the coming months.