The stock markets – National Stock Exchange of India (NSE) and BSE – will remain closed on November 5th due to Diwali Balipratipada.
Wholesale markets for commodities, including metal and gold bars, will also remain closed. There will also be no trading activity on the currency and commodity futures markets.
On November 4th (Thursday) the stock markets had a special Muhurat trading session on the occasion of Samvat 2078 which saw healthy buying in almost all sectors.
The National Stock Exchange’s (NSE) Nifty50 gained 87.60 points, or 0.49 percent, to close the session at 17,916.80 points from its previous 17,829.20 points.
The 30 scrip sensex made profits during the trading session. It closed at 60,067.62 points, up 295.70 points or 0.49 percent from its previous closing price of 59,771.92.
In Samvat 2077, both the Sensex and the Nifty achieved around 40 percent return.
“After a great year for the equity markets, investors are looking forward to the markets continuing to rise, albeit not at the same pace. Global headwinds in the form of rising inflation and the unwinding of monetary stimulus could dampen momentum, but the strength of Indian macros and improvements in microvalues ”could help offset these,” said Dhiraj Relli, MD and CEO of HDFC Securities.
“Investors need to conduct a portfolio review, asset allocation review and improve the quality of the stocks held in their portfolio.”
VK Vijayakumar, Chief Investment Strategist of Geojit Financial Services, said: “After the spectacular returns in Samvat 2077, investors should expect only modest returns, say in the low teen range, in Samvat 2078.”
“This samvat will probably be very volatile, in contrast to the last samvat. Rising inflation would be the greatest known threat to the market. Fed rate hikes can come by the end of 2022, or maybe sooner if inflation and the bond market persist. “Force the hands of the Fed.”
The special hour-long session is held every year on Diwali day to mark the start of the Hindu New Year festival, which is believed to be beneficial for stock market trading.
It is believed that the muhurat trade on this day brings wealth and prosperity all year round. This ritual has been observed by the trading community for ages.
(With IANS inputs)
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Posted on Friday 05 November 2021 09:28 AM
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