The eight-day winning streak ended on Sunday, with Indian equity benchmarks closing flat in special Muhurat trading on Diwali this year.
The 30-share BSE Sensex had opened green, jumping over 400 points to 81,406 in the Muhurat session. However, it tanked 28.62 points to settle at 80,999.40. Similarly, the 50-share NSE Nifty had climbed around 79.15 points to open at 25,109.40, but it was down by 43.95 points to close at 24,986.40.
With this, the nine-year winning streak on Muhurat trading has ended.
Among the 30 Sensex stocks, Sun Pharma was the top gainer, which rose by 2.96 per cent. It was followed by Tata Steel, Maruti, Power Grid, Adani Ports, BEL, Ultracemco, Eternal, Reliance, HCT Tech, Hindustan Unilever, Tech Mahindra, NTPC, ITC, Titan and Kotak Bank.
Meanwhile, M&M was the biggest loser, tanking by 0.92 per cent, followed by IndiGo, Trent, Infy, Bharti Airtel, Axis Bank, Bajaj Finsv, HDFC Bank, L&T, Asian Paint, ICICI Bank, SBIN, TCS and Bajaj Finance.
The symbolic Muhurat trading session
Muhurat trading is a symbolic market session held on Diwali, which also marks the beginning of the new Hindu calendar year. It is believed that trading during the ‘Muhurat’ or auspicious hour brings prosperity and financial growth for the stakeholders. Unlike regular trading days, when equity markets operate from 9:15 am to 3:30 pm, Muhurat trading runs for a shorter period.
Market analysts had earlier cautioned that the limited trading window can lead to heightened volatility. They had said that the session’s significance lies more in its traditional and symbolic value than in immediate profitability.
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