The National Stock Exchange (NSE) announced on October 20, 2024, that it is gearing up for this year's highly anticipated Muhurat Trading, scheduled for November 1 from 6 to 7 PM. This event marks the beginning of Samvat-2081, a period celebrated by stock investors, particularly in North India and among the Gujarati Hindu community.
Traditionally seen as an auspicious time, Muhurat Trading is associated with new beginnings, and new business activities, including investments in stocks, real estate, and even consumer goods.
Samvat 2081 Starts; How Samvat 2080 Performed?
In the previous Samvat-2080, the stock market Sensex started at 65,259 and the Nifty at 19,525 at the annual Muhurat Trading session last year that took place on November 12, 2023. The combined market capitalization of companies on the BSE amounted to Rs 322.48 lakh crore that day, which has since soared to Rs 458.15 lakh crore.
During Samvat 20280, both indices achieved record highs, with the Sensex reaching an unprecedented 85,978.25 on September 27, while the Nifty peaked at 26,250 on the same day. The BSE Sensex surged by 25.1 per cent, and the NSE Nifty50 saw a rise of 27.9 per cent during the same timeframe. An impressive increase of Rs 135.67 lakh crore in investor wealth was recorded over the past year. However gold (39.7 per cent) and silver (44.3 per cent) outperformed equity returns in Samvat 2080.
Traders feel that the bullish sentiment seen during Muhurat trading hours will continue through one trading year.
Muhurat Trading
To commence the trading session, rituals dedicated to Lakshmi, the goddess of wealth, will be conducted. A 15-minute pre-opening session will precede the one-hour trading period, with many investors optimistic that stocks purchased during this time will generate substantial returns. They also buy shares or gold as a symbolic gesture to invite prosperity into their financial portfolios for the coming year.
Historically, Muhurat Trading has delivered gains, with the Sensex recording a rise of 354 points and Nifty 100 points in the last Muhurat trading session, both rising almost 0.50 per cent.
Investors hope that Muhurat Trading can alter the market's trajectory positively from the current challenges it is facing from geopolitical tensions and foreign institutional investment (FII) outflow.
