Diwali Muhurat Trading 2022: Domestic equity markets on Monday opened with strong gains in the special Muhurat trading session, which also marks the beginning of the Hindu Samvat Year 2079. The BSE Sensex on Monday surged 524.51 points or 0.88 per cent to close at 59,831.66; while the NSE Nifty jumped 154.45 points or 0.88 per cent to end the day at 17,730.75 points.
During the one-hour special Muhurat trading session 2022, the Sensex saw a swing of about 217.59 points, with the session’s low at 59,776.66 points and its high at 59,994.25 points. The Sensex finally ended the session with a gain of 524.51 points to 59,831.66 on Monday. The NSE Nifty touched a high of 17,778 and ended the session with a strong gain of 154.45 points at 17,730.75.
Except Hindustan Unilever and Kotak Mahindra Bank, all Sensex stocks closed in the positive zone. Nestle India led the gainers’ pack, surging 2.92 per cent, followed by ICICI Bank, Larsen and Toubro, SBI, HDFC, HDFC Bank, Dr Reddy’s and Infosys.
Global equities were largely in the positive territory following strong gains on Wall Street on Friday. Elsewhere in Asia, markets in Tokyo and Seoul closed in the green, while Shanghai and Hong Kong plunged up to 6.36 per cent, posting their worst day in over a decade. Bourses in Europe were trading in the positive zone in the afternoon session.
Barring FMCG, all BSE sectoral indices ticked higher, led by capital goods, industrials, financial services and telecom. A similar trend was seen in the broader markets, with the BSE small-cap index rising 0.99 per cent and the mid-cap gauge gaining 0.50 per cent.
Muhurat trading, which took place between 6:15 pm and 7:15 pm, is a special one-hour trading session conducted by the bourses on the occasion of Diwali.
“Even though Samvat 2078 ended with marginal negative returns, the overarching feature of the year gone by was India’s distinct outperformance. While the MSCI World Index and MSCI Emerging Market Index fell by 23 per cent and 33 per cent respectively, Nifty hugely outperformed with a minor cut of only 3 per cent. “This outperformance in a year of a war in Europe and rising inflation and interest rates in the developed world reflects Rising India’s resilience,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In the pre-open market deal which opened at 6:00 pm, the Sensex was up by 570.49 points to 59,877.64 points.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “Even though Samvat 2078 ended with marginal negative returns, the overarching feature of the year gone by was India’s distinct outperformance. While the MSCI World Index and MSCI Emerging Market Index fell by 23 per cent and 33 per cent, respectively, the Nifty hugely outperformed with a minor cut of only 3 per cent.”
He added that this outperformance in a year of a war in Europe and rising inflation and interest rates in the developed world reflects rising India’s resilience. “From the market perspective, two factors stand out: One, India’s economic fundamentals are relatively strong. Two, DIIs and retail investors have become a force to reckon with overwhelming the FII selling. This trend can be expected to continue.”
Meanwhile, foreign institutional investors (FIIs) net bought shares worth Rs 438.89 crore on Friday, while domestic institutional investors sold to the tune of Rs 119.08 crore, as per exchange data.
Last week, the Sensex climbed 1,387.18 points or 2.39 per cent. On Friday, it settled at 59,307, which was up 104 points or 0.18 per cent as compared with the previous close.
ICICI Bank has posted a standalone net profit of Rs 7,557.8 crore for the September 2022 quarter (Q2FY23), a jump of 37 per cent year-on-year (YoY) as compared with Rs 5,511 crore a year ago. The private sector lender’s net interest income (NII) during July-September 2022 jumped 26 per cent YoY to Rs 14,786.8 crore, against Rs 11,690 crore a year ago.
Kotak Mahindra Bank has reported an about 27 per cent rise in net profit at Rs 2,581 crore for the quarter ended September 2022. The private sector lender had posted a net profit of Rs 2,032 crore in the same quarter of the previous fiscal year. Total income during the July-September period of 2022-23 grew to Rs 10,047 crore, as against Rs 8,408 crore in the year-ago quarter.
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