Muhurat Trading: Sensex, Nifty Surges; M&M, Adani Ports, Tata Motors Among Top Gainers

Muhurat Trading 2024: Benchmark indices ended in green during the special trading session. BSE Sensex surged by over 350 points, led by gains from Mahindra and Mahindra, Adani Ports, and Tata Motors. 

NSE Nifty surged by over 90 points and hovered around the 24,300 level mark. Whereas BSE sensex surged by 79,688.19, marking a positive start to the new Samvat Year 2081.

Some of the top gainers in Nifty today were Mahindra and Mahindra (M&M), ONGC, Adani Ports, Bharat Electronics and Tata Motors. M&M also witnessed a record SUV sales. M&M President Automotive Division Veejay Nakra reportedly said, "We are excited to have clocked the highest-ever SUV sales of 54,504 vehicles in October, a growth of 25 per cent and the highest-ever total volume of 96,648, a growth of 20 per cent."

While some of the losers are HCL Technologies, Tech Mahindra and ICICI Bank.

Read: SBI Cards Faces a Tough Road Ahead as Credit Costs Hit Peak Levels

Muhurat trading is a symbolic one-hour trading session conducted by Indian bourses on Diwali every year. During the Samvat year 2080 ended on Thursday, October 21, the Sensex gained 23.9 per cent and the Nifty jumped 26.1 per cent. Muhurat trading, a decades old tradition, holds a special significance as it coincides with the festival of Diwali and start of the Hindu New Year, which is Samvat 2081 this time. Investing during this time is believed to bring prosperity and success to investors and traders for the year ahead.

VK Vijayakumar, chief investment strategist at Geojit Financial Services says, with Nifty returning 25 per cent and Nifty 500 returning 30 per cent in Samvat 2080, investors should be happy. But the 6.2 per cent correction in October, the first above 5 percent correction in 54 months, has triggered anxiety over the market performance, going forward.

“Of serious concern is the relentless FII selling in October amounting to Rs 113,858 crores through the exchanges. Given India’s elevated valuations and concerns over deceleration in earnings growth, FII selling might continue, impacting the benchmark indices. In such a scenario investors should focus on stock-specific investment where Q2 results have been good and earnings visibility is bright,” he said.

“The latest data regarding banking indicates that deposit growth has caught up with credit growth and this augurs well for banking stocks which are fairly valued. Public capex is likely to pick up in H2FY25 and this augurs well for cement stocks. Pharma stocks like Sun Pharma and Cipla have good earnings visibility," Vijayakumar added.