Within the final ten years of historical past, 2013 has been the worst post-Muhurat day for Sensex when it misplaced round 1.25% after advancing 0.2% throughout the particular one-hour Muhurat session to mark the appearance of Vikram Samvat, the Hindu accounting yr which begins from Diwali.
The truth is, for 5 straight years in between 2012 and 2016, Sensex had ended within the detrimental zone on the buying and selling day after the Muhurat session. The final time historical past repeated itself was in 2018.
The final three post-Muhurat buying and selling periods have been happier with the Sensex beating its Muhurat day rally. In 2019, the index impressed with a achieve of 1.48%.
Similar to a lot of the previous couple of years, the Sensex ended the Diwali Muhurat buying and selling session greater by 525 factors or 0.88% at the moment whereas the Nifty ended nicely above the 17,700 mark.
The market strikes greater on Muhurat buying and selling days as most merchants and traders make token purchases within the perception that the pious event of Diwali will convey luck of their favour. Nevertheless, actuality takes over within the subsequent session as fundamentals and technical elements begin dictating the market temper as soon as once more.
Worth investor Jiten Parmar, who has over twenty years of expertise within the fairness markets, says he sells shares more often than not on Muhurat day. “I’ve noticed that the majority instances on the subsequent buying and selling day, you get your bought inventory again at a cheaper price,” he factors out.
For the remainder of Samvat 2079, analysts stay bullish on the India story with many brokerages having Nifty targets within the vary of 19,000-20,000.
“We imagine the relative outperformance of the Indian market will probably maintain in Smavat 2079 as nicely and can be led by beneficial macroeconomic elements and better-than-historical fundamentals of Indian corporates. Whereas inflation continues to be a significant problem within the developed world, inflation within the home economic system appears to be manageable,” Axis Securities stated.
(With information inputs from Ritesh Presswala)
(Disclaimer: Suggestions, ideas, views and opinions given by the specialists are their very own. These don’t signify the views of Financial Instances)
