As India celebrates Diwali, the stock markets which opened for an hour-long special Muhurat Trading session fell heavily on the first day of Samvat 2074. The benchmark Sensex lost as much as 264.98 points to hit the day’s low of 32,319.37 while the broader Nifty dropped 87.5 points to mark the day’s low of 10,123.35. The NSE Nifty index posted heavy volumes in just one hour of trade with the shares of Reliance Industries emerging out to topper in terms of value traded. in just one hour of the trade about Rs 1,682.54 crore worth of shares were traded on Nifty 50, out of which RIL contributed around Rs 330 crore — which is an unusual figure on Muhurat trading followed by Bharti Airtel, and Axis Bank.
The market participants seemed to be in a hurry to book profits which led to the heavy sell-off in the industry heavyweights. Shares of Bharti Airtel were the top gainer on both BSE and NSE, jumped 2.05% to close at 471.4 on NSE as it is expected that the rise in tariff by Reliance Jio which eventually may be followed by other mobile operators will likely to benefit to the telecom industry. The stock of Reliance Industries jumped 0.87% to hit the fresh all-time high of Rs 921.75 before settling 1.15% lower at Rs 904 on NSE. BSE Sensex tripped 194.39 points or 0.6% to close at 32,389.96 points while NSE Nifty plunged 64.3 points or 0.63% to finish at 10,146.55 points.
Looking forward to the Indian equity markets, Sunil Singhania Global Head – Equities at Reliance Capital said that moving in a structural positive scenario as far as Indian economy is concerned… Next one year should be reasonably good for equity investors… There might be challenges in between, but overall performance would be good. Run in Indian equity markets is not alone… We are part of a global uptick as far as equity markets are concerned, Sunil said. Markets have faith that we will come back to a 7.5%-8% growth path in the near future. Some companies are overvalued… Be cognizant of the fact that there are price and value for every investment that you should pay… Be careful but be positive… Look for better value stocks, Sunil added.
The key equity index Sensex opened marginally higher while the broader Nifty started flat on the first trading day of the Samvat 2074. Indian stock markets opened today in a special Muhurat trading session to mark the auspicious occasion of Diwali. BSE Sensex gained 72.4 points or 0.22% 32,656.75 points and NSE Nifty lost 0.5 points to begin at 10,210.35 points.