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Published: November 2, 2024
Updated: November 2, 2024

Muhurat Trading 2024: Sensex Surges as Nifty Breaks 24,300; Poly Medicure, BASF Lead Gainers

Positive Start for Samvat 2081

In a festive start to Samvat 2081, India's stock markets closed in green during the special Muhurat Trading session on Diwali. The BSE Sensex rose 335 points, closing at 79,724, while the NSE Nifty gained 99 points to settle at 24,304. This year's Muhurat session, marking the Hindu New Year, was conducted from 6:15 pm to 7:15 pm, and similar timings applied across commodities, currencies, equity futures, options, and SLB trades. Additionally, NSE launched its website in eight Indian languages along with a new mobile app to enhance accessibility.

Strong Performance by Key Stocks and Indices

Out of 3,648 stocks on BSE, 3,036 advanced, while 542 declined, and 70 remained unchanged. Key gainers included BSE 500 constituents like Aditya Birla Sun Life AMC, Crisil, Fortis Healthcare, Jubilant Pharmova, Poly Medicure, Piramal Pharma, Suven Pharmaceuticals, and UTI Asset Management, all reaching 52-week highs. Notably, Poly Medicure, BASF India, Brigade Enterprises, and Maharashtra Scooters rose up to 9.93%, with the Nifty Auto, Consumer Durables, and Oil & Gas sectors outperforming by climbing 1.24%, 0.86%, and 0.84%, respectively.

Major Contributors to Sensex Gains

Leading the Sensex rally were Mahindra & Mahindra, Reliance Industries, Axis Bank, HDFC Bank, Kotak Mahindra Bank, Tata Motors, ITC, NTPC, Infosys, TCS, Bharti Airtel, and Adani Ports. Notably, Mahindra & Mahindra, Reliance, and Axis Bank together drove the Sensex up by nearly 140 points.

Mixed Market Sentiments

While domestic institutional investors (DIIs) have consistently been net buyers for 28 sessions, foreign portfolio investors (FPIs) continued as net sellers for the 24th consecutive session. On the preceding Thursday, FPIs offloaded stocks worth Rs 5,813.3 crore, while DIIs invested Rs 3,514.6 crore, demonstrating steady domestic support amid global uncertainties.

Investor Guidance for Samvat 2081

Religare Broking's Ravi Singh recommends a cautious, stock-specific approach in the upcoming months. With anticipated volatility linked to international events like the U.S. elections and global economic conditions, he advises targeting individual stocks with robust fundamentals rather than relying heavily on benchmarks until the market provides a clearer direction. The 2024 Muhurat Trading session witnessed strong market confidence, with numerous stocks hitting new highs and major indices reflecting positive investor sentiment. As Samvat 2081 progresses, strategic focus on well-performing stocks can help investors navigate the evolving market conditions successfully.