Samvat 2080 kickstarts on a high note for Dalal Street! Five factors that drove markets higher

economictimes.indiatimes.com:

Dalal Street welcomed Samvat 2080 in good spirits, as benchmark indices gained half a percentage points during the special Muhurat Trading session on Sunday.
The 50-stock Nifty settled above the 19500-mark at 19525.55 points, up 100.20 points or 0.5% from the previous session. The 30-stock Sensex gained about 355 points or 0.5% to settle at 65259.45 points.

On the eve of Diwali, four Nifty 50 stocks scaled fresh 52-week highs, and these are Coal India, Sun Pharmaceutical Industries, Power Grid Corporation of India, and Oil and Natural Gas Corporation.
While all the sectoral indices ended in the green on the BSE, those topping the list were smallcaps and indices representing PSU companies.
On the Nifty 500 index, as many as 24 stocks scaled fresh 52-week highs.

Here are the factors that brightened up Dalal Street on the Diwali day:
PSUs in favour
Shares of public sector companies were leading investors’ preference list, as the S&P BSE PSU, and the CPSE index gained about 1% each. The CPSE index also scaled a 52-week high in trade.

Big gainers in this space were Coal India, Power Finance Corporation, MMTC, Engineers India, and Scooters India, which gained 2-5%.

Coal India shares hit a 7-year high of Rs 336.80, buoyed by its robust quarterly earnings.
“PSUs are clearly the leader of the market.

I still feel that PSU banks are quite compelling. They are still trading at four-five times PE, less than one time book value, if I have a two-year perspective. I do not think they have peaked out,” says market veteran Madhusudan Kela.