Mumbai: Samvat 2077 has started on a good note with the BSE Sensex climbing to a record high, marking Muhurat’s best trade since 2013.
The benchmark index, Sensex, was trading at 43,734.44 points, up 0.67% or 291.44 points, while the Nifty 50 was trading higher by 79.20 points or 0.62% at 12,799.15. Market breadth was positive as 1,652 stocks advanced, down 429 stocks, while 98 stocks were unchanged.
Data from the last 10 years indicated that Muhurat’s trading day remained the best for mid-caps and small caps, while Sensex remained in a range.
The Sensex closed higher in the last six of Muhurat’s ten trading days.
It is usually seen that foreign investors avoid getting involved in a big way during the Muhurat negotiation. Domestic investors are heavily involved in the hour-long trading session. Therefore the volumes are much lower than normal during the Muhurat trade.
Sensex has rallied 67% from March lows to new all-time highs, helping the index close 11% higher at Samvat 2076.
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Among the factors that will drive the market is a stimulus in the US in addition to the rapid availability of a covid-19 vaccine that could also help companies restart, thus increasing profits. Additionally, low interest rates and continued liquidity could keep money flows high into equity markets and are expected to support equity prices.
All industry indices are listed in green. Telecommunications, oil and gas, and capital goods were the main beneficiaries.
Tata Steel shares were up 1.87%, Bajaj Finserv with 1.68% and IndusInd Bank with 1.55% were the main winners, while PowerGrid was the only loser with 0.05%.
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