India’s equity benchmark showed strong gains, rising to a one-month high during Muhurat trading hours on Monday to mark the start of the 2079 Hindu Samvat year.
Investors bet on the exchange systems available between 6:15 p.m. and 7:15 p.m., according to their predictions on which stocks will be profitable and auspicious. Many traders think that the profits taken from “muhurat”, Hindi meaning “good omen”, promise wealth and prosperity in the coming year.
The 30-stock BSE Sensex index rose 524.51 points, or 0.88%, to close at 59,831.66 and the broader NSE Nifty-50 index gained 162.15 points, or 0.92%, to close. ends on the first session of the beginning of the Hindu Samvat in 2079 at 17,738.45.
Nestle India, ICICI Bank, L&T, SBI, HDFC, HDFC Bank and Dr. Reddy’s are notable gainers on Sensex, soaring as much as 2.92%. Only two stocks, Hindustan Unilever and Kotak Mahindra Bank, closed in the negative, each losing as much as 3.05%.
Brokers said that when investors started using their new books during the first session of Samvat 2079, buying activity picked up.
Sasken, up about 15% initially, Borosil Renewables, up more than 5% and Tejas Networks, up nearly 6%, were some of the highest performing BSE stocks for the hour.
Nestle India, HDFC Bank, Berger Paint and Grasim were the top performers on the BSE LargeCap index, up 56.50 points. IDBI, Federal Bank, JSW Energy and Natco Pharma are the most active stocks on the BSE MidCap index.
The most actively traded stocks on Nifty are Tata Motors, ICICI Bank, Asian Paints, Axis Bank and Tata Steel. Nifty Bank has had an admirable achievement, reaching 525 points.
“Although Samvat 2078 ended with negative margins, the overarching feature of the past year was India’s marked outperformance. While the MSCI World Index and the MSCI Emerging Markets Index, respectively, were markedly outperformed by India. down 23% and 33%, Nifty outperformed VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, told PTI.
“This record in a war year in Europe, rising inflation and interest rates in the developed world reflects Rising India’s resilience,” he added.
Ajay Devgn, a Bollywood actor, rings the first bell of Muhurat hour. Girish Joshi, Head of Listing Sales at BSE, Sameer Patil, Chief Trust Officer, and Nayan Mehta, Chief Financial Officer, also attended the event.
Indian stock markets were closed on Monday for Diwali trading instead of their regularly scheduled trading hours.
Both equity of India Benchmark rose on Friday to extend gains for sixth straight sessiondespite a broader global sell-off in risky assets.
In the global market, UK Bonds Rise After Rishi Sunak Appointed New UK Prime Minister after Penny Mordaunt pulled out of the race on Monday.
Investors expect Mr. Sunak to restore credibility to economic policymaking and assist in easing the country’s volatile markets.
World stocks were mixed on Monday, with advanced equity markets rising and emerging market shares falling, largely driven by a significant sell-off in China.
Chinese blue-chip shares fell about 3%. Similarly, Hong Kong shares fell 6.4%, their highest in a day since the financial crisis, following Xi Jinping’s record third term as President and the selection of a new president. top executive body with his supporters.
“Market sentiment is likely to remain cautious in the short-term for China, due to concerns about shifting focus to state control rather than a market-oriented approach under the leadership team.” new,” Xiaojia Zhi, China economist at Credit Agricole CIB, told Bloomberg. “The path out of zero-Covid remains unclear.”
Chinese economic data delayed last week and released on Monday showed a mixed recoverywith unemployment rising and retail sales weakening, although growth remains buoyant.
On Monday, news that the Federal Reserve was debating when to lower interest rates and possibly announce a postponement of its November meeting significantly extended the stock rally that had begun late in the day. Friday on Wall Street.
According to San Francisco Fed policymakers Mary Daly and San Francisco Fed James Bullard, the pace of tightening will be a key topic of discussion for any policy decision made at the November meeting. .
Derek Halpenny, Head of Research at MUFG, told Reuters: “What this means for the market is that rates and the forex market could become more sensitive to new economic data coming and any evidence of financial market stress”.
The STOXX 600 was up on the day as European indexes advanced a week ahead of earnings driven.
As investors awaited the upcoming round of earnings from some of the world’s largest corporations, US futures rose. Treasury yields fell, but the dollar rose.
This week, investors’ attention will be split between the trend of US interest rates and the profits of big tech companies, which have been one of the main drivers of S&P 500 earnings growth. .
This week, the focus will be on earnings for the five biggest tech companies by revenue — Apple, Microsoft, Alphabet, Amazon and Meta Platforms — which are expected to record their worst profit decline in three years. , according to Bloomberg data.
Laura Cooper, Senior Investment Strategist at BlackRock International, said on Bloomberg TV: “Obviously demand is slowing, but so far we see that pockets of technology like software, cloud computing. is still pretty stable.
“We will be watching for any signs of cracking that could dampen some of these earnings expectations.”