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Muhurat trading echoes hopes for Samvat 2076

Ahead of Muhurat trading on Sunday, traders highlighted that SBI, as well as ICICI, were well set up for Muhurat trade, as also Reliance, Tata Motors and Infosys.

Published: 29th October 2019 01:26 AM  |   Last Updated: 29th October 2019 10:51 AM   |  A+A-

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Actress Mouni Roy pose with BSE MD & CEO Ashish Chauhan and wife Sonal on Diwali's Muhurat trading. (Photo | BSE India Twitter)

By Express News Service

MUMBAI: From Muhurat 2018 to 2019, the benchmark indices are showing positive returns. Sunday’s Muhurat trading was cheerful and rode on the festive sales ringing in hope of revival, and the week leading up to Diwali bringing in positive results from leading banks SBI and ICICI.

BSE Sensex closed 192 points up on Sunday in a short trading session to close at 39,250. Nifty close comfortably above 11,600, compared to 10,600 it had closed on November 7 last year.

Ahead of Muhurat trading on Sunday, traders highlighted that SBI, as well as ICICI, were well set up for Muhurat trade, as also Reliance, Tata Motors and Infosys. As expected, the five stocks were in limelight with ICICI touching a 52-week high of Rs 473, SBI and Tata Motors in the most active stocks list. Tata Motors shot up 16.5 per cent to Rs 147.95 on reports of improvement in margins at Jaguar Land Rover.

“Q2FY20 result announcement showed hits and misses, but expectation for earnings improvement from next quarter based on tax cuts held investor’s nerves steady,” Vinod Nair, head of research at Geojit Financial Services had commented. After Sunday’s move, for the four day week, traders are going to be looking for further cues from earnings announcements and global events such as the US Fed’s rate decision and Brexit.

Infosys, which was battered last week on whistleblower allegations and subsequent news of investigation into the same, also bounced back by a whopping 11 per cent on Muhurat day to close at Rs 648.95.

READ HERE | 100 kg gold, 600 kg silver sold at India Bullion and Jewellers Association's muhurat trading

Reliance, which touched a 52-week high of Rs 1,445.75, also helped the indices stay positive. ITC and HDFC Bank were other stocks that supported the benchmark indices. Investor sentiment towards banks has turned positive again.

Does the Muhurat really herald better days ahead for Indian equities? Well, the Sensex and Nifty estimates for Samvat 2076 ranges from 42,800-46,000 and 12,000-14,250 respectively. Much is going to depend on earnings revival as well as improved inflows from FIIs.

“I am optimistic about the medium-to-long-term perspective. I see tremendous interest among foreign investors. Brand India is at its all-time high. Government is also proactively addressing many basic issues. After the corporate tax cut, I am hopeful that there will be individual income tax rate cut and see many more reforms on the way,” said Motilal Oswal, MD & CEO, Motilal Oswal Financial Services.

Newly listed firms had turned multi-baggers between last Muhurat and this. Aavas Financiers, HDFC Asset Management and Garden Reach Shipbuilders had returned handsome gains.



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