Broadly positive global markets along with lower crude oil prices pushed the key Indian equity indices higher during the special “Muhurat” trade session on Wednesday.
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.
The Nifty 50 of the National Stock Exchange (NSE) gained 64.75 points or 0.61 per cent to 10,594.75 points.
Similarly, the 30-scrip sensitive index (Sensex) gained 248 points during the trade period.
The S&P BSE Sensex, which opened at 35,301.88 points, traded at 35,240.15 points (at 6.15 pm) — 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.
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.