Strong start to Samvat 2071 as Sensex, Nifty close higher
24 October 2014
The first trading session of Samvat 2071 (the Hindu New Year) concluded on a positive note on Thursday with the BSE Sensex rising over 63 points and the NSE Nifty regaining the 8,000-mark, extending gains for the fifth straight session.
Decreasing crude oil prices along with reforms in India's oil and gas and coal sectors aided the sentiment, helping the BSE Sensex close 63.82 points higher at 26,851 (or 0.24 per cent) and the NSE Nifty close at 8,015, up 19 points (0.23 per cent) in the hour-long Muhurat trading session.
The Sensex, which had surged 787.89 points in the past four sessions, hit a session's high of 26,930.23 in the opening trade on sustained capital inflows, amid renewed optimism.
Stocks in the oil and gas, consumer durables, capital goods, healthcare, FMCG, PSUs, realty, metal and banking led the rally in the Muhurat session.
Early gains were trimmed as some investors booked profits to open their books with gains on the first special Muhurat session, brokers said.
Wipro led the losers with a 3.6 per cent loss while other losers included BHEL, Tata Motors, Maruti Suzuki and Sesa Sterlite.
Investors and funds were seen picking up front-runner shares as well as midcap and smallcap stocks to mark the beginning of their new accounts, they added.
Except for CNX Media all the sectoral indices ended in the green, with the BSE mid-cap and small-cap indices gaining over 1 per cent.
During Muhurat trading, market participants close the year's books of accounts and start the New Year with a fresh set of buys and pray to Goddess Lakshmi for wealth creation and prosperity.
Stock markets will remain closed on Friday on account of 'Diwali Balipratipada' and resume regular trading on Monday (27 October).