Mumbai, November 7: The Muhurat trading on Diwali 2018 had outmatched the success of the same day last fiscal, as the Sensex rose by over 300 points to hit 35,300. In 2017, the Sensex had surged up to 34,991, increasing by 41 points. The unprecedented numbers at the stock market thrilled the investors at the special session today.
The Muhurat trading, observed annually on Deepawali, witnesses a special session lasting for few minutes, which are considered auspicious. The day also falls on "Samvat" - the new year of Gujaratis and Marwaris - the two communities who dominate shares brokerage. Here's How Market Performed on Eve of Diwali.
The Muhurat period this year lasted between 5:30 pm and will close at 6:40 pm. While the order entry period was between 5:15 pm and 5:23 pm, the equilibrium prices were determined from 5:23 pm to 5:30 pm. This was followed by a 10-minute cooling off period from 6:40 pm to 6:50 pm.
— ANI (@ANI) November 7, 2018
Each year, the Muhurat period witnessed the market scaling new highs rather than depreciating. The reason being that investors only buy stocks on this day, rather than selling, as it is considered auspicious.
The success this year, out matching the numbers of 2017, comes in the wake of rising oil prices, rupee depreciation and and overall slump in the market caused due to various domestic and global issues.