Samvat 2080 opens on a positive note for investors
economictimes.indiatimes.comSamvat 2080 started on a steady note for investors with India's stock benchmarks gaining over half a per cent in the special 60-minute Muhurat trading session on Sunday evening to mark the start of the traditional Hindu new year.
The Sensex closed at 65,259, up 355 points, or 0.55%, after advancing as much as 514 points, or 0.79%. The Nifty, ended 100.20 points, or 0.52% higher, to close at 19,526.
Both indices posted their best Muhurat trading gains in five years.
Infosys rose 1.4%, leading the gainers among Sensex stocks on Sunday. Wipro and Asian Paints were among the other gainers.
The Nifty Midcap100 index rallied 0.61% while the Nifty Smallcap 100 surged 1.14%.
Of the 3,713 traded stocks, 78% advanced, while 19% declined.
The domestic trader community actively participates in the Muhurat trading session, making token transactions with an intent to take home profits. Making money in this hour of trading is considered auspicious, setting the tone for the year to come.
Many brokers, traders and their family members were present at the customary Muhurat trading function held at the BSE's Phiroze Jeejeebhoy Towers.
Investors must brace for sharp swings in the market and relatively modest returns in Samvat 2080 following the record-breaking rally in Samvat 2079, asset managers said. Uncertainty over the outlook for the US economy, heightened geopolitical risks and rich share valuations in India could keep investors on their toes.
Still, market participants expect double-digit returns in the new Hindu year.
«The outlook for the Indian market in the upcoming year is favourable,» said Sunil Singhania, founder and CEO of Abakkus Asset Manager.
