KEY HIGHLIGHTS
Sensex, Nifty Close At A Three Week High: Muhurat Wrap
India's benchmark stock indices ended the Diwali special one-hour Muhurat trading session on a higher note as I.T. and metal sectors led advance. The S&P BSE Sensex Index ended above 65,200 mark, whereas NSE Nifty 50 scaled 19,500 level in the trading session. Both indices ended at their highest levels in three weeks, since Oct. 20, 2023.
The S&P BSE Sensex closed up 355 points, or 0.55%, at 65,259.45 while the NSE Nifty 50 was 100 points or 0.52% higher at 19,525.55.
“As we bid farewell to Samvat 2079, the horizon of Samvat 2080 looks promising," said Prashanth Tapse, senior vice president at Mehta Equities Ltd.
We recommend accumulating value picks with strong fundamentals for potential growth. The market optimism is fueled by factors such as the Federal Reserve's efforts for a "soft landing," robust GST numbers, active retail participation, easing Middle East hostilities, and declining WTI oil prices, he added.
The special session that ended on Sunday also marked the beginning of a new Samvat -- the Hindu calendar year that starts on Diwali.
Infosys Ltd., HDFC Bank Ltd., Reliance Industries Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and BPCL were positively adding to the change in the Nifty 50 Index.
Whereas, BPCL, UltraTech Cement Ltd., Apollo Hospitals Enterprise Ltd., Britannia Industries Ltd., and Bajaj Finserv Ltd. were negatively contributing to the change.
The broader markets outperformed; the S&P BSE MidCap Index was up 0.67%, whereas S&P BSE SmallCap Index was 1.14% higher.
All the 20 sectors compiled by BSE advanced with S&P BSE Information Technology, S&P BSE Industrials, S&P BSE Metal and S&P BSE Energy rising the most.
The market breadth was skewed in the favour of the buyers. About 2,903 stocks rose, 690 declined, while 120 remained unchanged on the BSE.
Welspun Corp Shares Surge Over 9% To Hit A Life-High
Shares of Welspun Corp Ltd. rose as much as 9.46% to an all-time high of Rs 534 apiece. It pared gains to trade 9.19% higher at Rs 532.70 apiece, as of 7:03 p.m. This compares to a 0.51% advance in the NSE Nifty 50 Index.
It has risen 125.34% on a year-to-date basis. Total traded volume so far in the day stood at 1.4 times its 30-day average. The relative strength index was at 82, implying that the stock maybe overbought.
Out of the nine analysts tracking the company, eight maintain a 'buy' rating, none recommend a 'hold,' and one suggests 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an upside of 12%.
Muhurat Trading: Nifty Metal In Focus
Nifty Metal gains 0.7%, among top sectoral gainers
Welspun Corp maintains nearly a week-long gains; up over 8.5%
Hindustan Copper up 3.4% and NMDC gains nearly 2%
Nifty Small-Cap 250, Mid-Cap 150 Outperform Larger Peers
Muhurat Trading: Sectoral Update
Nifty Bank gains 0.4% led by IDFC First Bank, AU Small Finance Bank and Bandhan Bank
Nifty Auto advances 0.5%; Motherson Sumi, Sona BLW, Ashok Leyland, Tata Motors Top gainers
Nifty FMCG up 0.4% led by United Breweries and Emami
Nifty IT advances 0.7%; LTIMindtree, Coforge and Persistent Systems among top gainer
Marksans Pharma Shares Rise Over 6% To Hit A Record High
Shares of Marksans Pharma Ltd. rose as much as 6.48% to an all-time high of Rs 138.8 apiece. It pared gains to trade 5.64% higher at Rs 137.70 apiece, as of 6:49 p.m. This compares to a 0.57% advance in the NSE Nifty 50 Index.
It has risen 136.4% on a year-to-date basis. Total traded volume so far in the day stood at 0.9 times its 30-day average. The relative strength index was at 81, implying that the stock maybe overbought.
Three analysts tracking the company maintain a 'buy' rating, according to Bloomberg data.
Swan Energy Shares Jump Nearly 10% To Hit An All-Time High
Shares of Swan Energy Ltd. rose as much as 9.80% to an all-time high of Rs 463.80 apiece. It pared gains to trade 6.45% higher at Rs 449.65 apiece, as of 6:46 p.m. This compares to a 0.57% advance in the NSE Nifty 50 Index.
It has risen 47% on a year-to-date basis. Total traded volume so far in the day stood at 0.3 times its 30-day average. The relative strength index was at 84, implying that the stock maybe overbought.
BSE Shares Pares Gains After Jumping Nearly 8% To An All-Time High
Shares of Bombay Stock Exchange Ltd. rose as much as 7.85% to an all-time high of Rs 2,168.50 apiece. It pared gains to trade 5.23% higher at Rs 2,115.85 apiece, as of 6:42 p.m. This compares to a 0.56% advance in the NSE Nifty 50 Index.
It has risen 287.79% on a year-to-date basis. The relative strength index was at 76, implying that the stock maybe overbought.
Out of the six analysts tracking the company, four maintain a 'buy' rating, two recommend a 'hold,' and none suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies an downside of 15.5%.
Advice From Top MF Bosses
Here's what some of India's top fund managers – Nilesh Shah, Radhika Gupta And Kalpen Parekh – have to say about investment strategies for Samvat 2080, and what has worked so far for retail investors.
Stocks At 52-Week High
Nifty Energy, Media, Realty Lead Advance
Broader Markets Outperform
The broader markets outperformed; the S&P BSE MidCap Index was up 0.80%, whereas S&P BSE SmallCap Index was 1.30% higher.
All the 20 sectors compiled by BSE advanced with S&P BSE Services, S&P BSE Metal and S&P BSE Energy rising the most.
The market breadth was skewed in the favour of the buyers. About 2,407 stocks rose, 342 declined, while 91 remained unchanged on the BSE.
Top Contributors On The Nifty 50 Index
Sensex, Nifty Open Higher On Muhurat Trading Day
India's benchmark stock indices opened higher on the special one-hour Muhurat trading session on Diwali.
At pre-open, the S&P BSE Sensex was up 515 points, or 0.79%, at 65,419.36 while the NSE Nifty 50 was 122 points or 0.63% higher at 19,547.25.
"As we enter a truncated week with Muhurat trading on Sunday, global cues will play a pivotal role in shaping market direction. On the macroeconomic front, India's retail inflation rate for October is scheduled for release on Nov. 13, followed by the Wholesale Price Index on Nov. 14," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
The session also marks the beginning of a new Samvat -- the Hindu calendar year that starts on Diwali -- and it is believed that trading during the 'muhurat' or auspicious hour brings prosperity and financial growth for the stakeholders.
Sensex, Nifty Rise Pre-Market Trade
At pre-open, the S&P BSE Sensex was up 515 points, or 0.79%, at 65,419.36 while the NSE Nifty 50 was 122 points or 0.63% higher at 19,547.25.
Source: Bloomberg
India Not A Small-Cap Market Any More, Says Ridham Desai
While absolute returns may not be that great, India will continue to power ahead as it is not a small-cap market anymore, according to Morgan Stanley's Ridham Desai.
NSE MD & CEO's Message Ahead Of Muhurat Trading
"Muhurat Trading at the National Stock Exchange is a testament to our shared financial aspirations. In the heart of this vibrant marketplace, as the Diwali lights shimmer, we embark on a journey of careful choices and strategic investments," said Ashishkumar Chauhan, managing director and chief executive officer of National Stock Exchange.
Each trade made during this auspicious time promises growth and the spirit of unity among investors. NSE encourages investors to deal only with registered intermediaries and refrain from dealing in unregulated products, he added.
Stock market is meant for long-term wealth creation. An unpleasant experience disheartens the affected investors to enter the stock market ever again. Trade in derivatives by retail investors should be avoided because of the high risk involved in derivatives. Be a long-term player.Ashishkumar Chauhan, MD & CEO National Stock Exchange
Chauhan said that "This is the best way to participate in India's growth story. May the trades be favorable, the investments be fruitful, and the spirit of Diwali guide us toward abundance and financial success. Happy Muhurat Trading at the National Stock Exchange, where every trade signifies our collective resolve to build a stronger, wealthier tomorrow."
U.S. Markets
Dow Jones up 1.15% at 34,283.10
Dow Jones Futures up 1.16% at 34,338
S&P 500 up 1.56% at 4,415.24
S&P 500 Futures up 1.56% at 4,430.5
Nasdaq up 2.05% at 13,798.11
Nasdaq Futures up 2.23% at 15,596.25
Global Cues
U.S. Dollar Index at 105.9
U.S. 10-year bond yield at 4.65%
Brent crude up 1.77% at $81.43 per barrel
Nymex crude up 1.89% at $77.17 per barrel
GIFT Nifty was unchanged at 19,585 as of 4:37 p.m.
Bitcoin was up 0.33% at $37,111.4
Indian Markets To Open For A Special One-Hour Trading Session
India's benchmark stock indices will trade for a one-hour special Muhurat trading session on the occasion of Diwali on Sunday to mark Smvat 2080.
The symbolic trading session will be held between 6 p.m. and 7.15 p.m. This includes a 15-minute pre-market session, according to NSE and BSE circulars.
The session also marks the beginning of a new Samvat—the Hindu calendar year that starts on Diwali—and it is believed that trading during the 'muhurat' or auspicious hour brings prosperity and financial growth for the stakeholders.
The headline indices advanced after falling through Friday—the last session of Samvat 2079—following the weakness in global peers. Both the Nifty and Sensex returned over 9% in Samvat 2079. On a weekly basis, the headline indices advanced for the second time.
The rupee hit a fresh record low against the U.S. dollar on Friday, and the 10-year government bond yield rose.
Looking Back At Samvat 2079
Nifty rose 10.30% in Samvat 2079, whereas Sensex scaled 9.26%. Nifty Realty and Nifty Auto were the top gainers in the Samvat gone by. Nifty Realty advanced 54.68%, and Nifty Auto gained 27.99%.
"In Samvat 2080, financials are likely to do well, supported by attractive valuations and impressive growth," said VK Vijayakumar, chief investment strategist at Geojit Financial Service.
Sustained FII selling in financials, which is impacting the sector, will be only temporary. For investors with a two-year time horizon, the leading private banks and three or four PSU banks are good buys with return potential, he said.
The Nifty Smallcap 250 Index gained 35.07%, whereas the Nifty Midcap 150 was up 30.27% in Samvat 2079. "The mid- and small-cap rally is partly driven by retail exuberance, and since the valuations in this broader market are high, investors have to exercise some caution," said Vijayakumar.
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