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Muhurat session: Indices touch new highs, banking, auto stocks rise
Mumbai, November 14, 2020
The Indian equity markets ushered in Samvat 2077 with gains as signs of faster economic recovery along with healthy festive season demand and stimulus measures buoyed investors' sentiments during the special "Muhurat" trading session on Saturday.
Healthy economic signs as well as foreign fund inflows lifted both the key domestic equity indices to new record highs during the intra-session trade.
Accordingly, the S&P BSE Sensex crossed the psychological 43,830.93-mark for the first time. Similarly, the Nifty50 on the National Stock Exchange crossed the 12,828.70-mark.
However, the two indices ceded some of their initial gains.
According to market observers, the special session to mark Samvat 2077 witnessed healthy buying in almost all the sectors with the rally led by banking, automobile and realty stocks.
The Nifty50 on the National Stock Exchange (NSE) gained 50.65 points, or 0.4 per cent, to close at 12,770.60 points.
Similarly, the 30-scrip sensitive index (Sensex) made gains during the initial period of the trading session. The S&P BSE Sensex, which opened at 43,815.45 points, traded at 43,637.98 points -- up 194.98 points, or 0.45 per cent -- from its previous close of 43,443 points.
In Samvat 2076, the Nifty50 rose 10 per cent.
The special hour-long session is held every year on Diwali day to mark the start of the Hindu New Year.
The special trading session 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.