Stock indices close lower in Muhurut trading
31 October 2016
The benchmark Bombay Stock Exchange Sensex ended the Muhurat trading session on Sunday that marks the beginning of Samvat 2073, the Hindu New Year, with marginal losses as investors remained cautiously optimistic about the near-term prospects.
The BSE Sensex gave up its early gains to end the one-hour session over 11 points lower at 27,930.21.
The Sensex opened higher to regain the 28,000-mark, advancing to a high of 28,095.71 on initial buying as investors and funds opened their new accounts on the first session of Samvat 2073.
However, it dropped to 27,890.14 as participants booked profits at higher levels, before settling 11.30 points, or 0.04 per cent down at 27,930.21.
The index had gained 105 points in the previous two sessions.
On the National Stock Exchange, the broad-based NSE Nifty index fell 12.30 points to close at 8,625.70.
After initial gains in the first session, sectors like power, banking and FMCG pared gains, brokers said. Losses in the Muhurat session were, however, moderated by gains in consumer durables, healthcare and IT counters.
Overall, the market showed a firm trend as investors widened their bets, lifting the BSE small-cap index by 0.96 per cent and mid-cap index by 0.48 per cent.
Brokers said uncertainty over the US elections, the Fed's interest rate decision and the overall global economy have influenced investor sentiment.
However, the mood of the investors remained upbeat as they viewed India as a sweet spot among emerging markets and were positive about the country's long-term prospects.
Both the exchanges will remain closed on Monday for 'Diwali Balipratipada'.