BSE and NSE will remain open for trading today (October 25) but will remain closed on Wednesday (October 26) on the occasion of ‘Diwali Balipratipada’. On the occasion of Diwali, the festival of lights, the Indian stock markets on Monday closed at a one-month high in one-hour special Muhurta trading. The S&P BSE Sensex rose 0.9% to 59,831, led by gains in index heavy lenders ICICI Bank Ltd and HDFC Bank Ltd for the seventh straight session. Similarly, the broader NSE Nifty advanced 154.45 points or 0.88 per cent. , to end at 17730.75.
In the special session, to mark the start of Samvat 2079, major gainers in Sensex stocks were Nestle India, ICICI Bank, L&T, SBI, HDFC, HDFC Bank and Dr Reddy’s, rising up to 2.92%. Only two counters closed in the red – Hindustan Unilever and Kotak Mahindra Bank, shedding up to 3%. A similar trend was seen in the broader markets, with the BSE small-cap index rising 0.99 per cent and the mid-cap gauge 0.50 per cent.
In the last Samvat 2078, the Sensex fell by 464.77 points, while the Nifty fell by 252.90 points.
“Even though Samvat 2078 ended with marginally negative returns, the most striking feature of the past year was India’s distinctive performance. The MSCI World Index and the MSCI Emerging Markets Index declined 23 per cent and 33 per cent, respectively, with the Nifty leading the way. Performed extremely well, only a marginal reduction of 3 percent.
“This outperformance in a year of war in Europe and rising inflation and interest rates in the developed world reflects India’s resilience to rising inflation and interest rates,” said VK Vijayakumar, chief investment strategist, Geojit Financial Services.
“From a market perspective, two factors stand out – one, India’s economic fundamentals are relatively strong. Two, DIIs and retail investors have become a force to be reckoned with, driving FII sales. This trend is likely to continue,” he said. to be expected,” he said. ,
The Sensex has ended higher in eight of the last 10 Diwali-day sessions, in what is known as Muhurta trading.
According to Joseph Thomas, Head of Research, Mumbai-based brokerage Emkay Wealth Management, “As per all estimates, the year ahead is going to be quite a challenging one.” Inflation and a weak currency will affect India as well as peers, but the South Asian economy is in a better position to grow and this will help local stocks “hold well despite the adversity”, he said.
Earnings of Indian companies have faced volatility in commodity prices, a major headache for a country dependent on energy imports. According to Bloomberg, out of 22 Nifty companies that have announced their September quarter results, 15 have produced numbers that meet or exceed analysts’ estimates, while five have fallen behind.
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