MONEY

Markets begin new year on a robust note, Sensex scales 295 points to cross 60,000 again

Domestic equity benchmarks mustered smart gains on Thursday as investors built up fresh positions in the special Muhurat trading session to mark the beginning of Hindu Samvat year 2078. 


Reversing its two-session sliding streak, the 30-share BSE Sensex climbed 295.70 points or 0.49 per cent to close at 60,067.62. On similar lines, the broader NSE Nifty advanced by 87.60 points or 0.49 per cent to finish at 17,916.80. 


In the Sensex kitty, prominent gainers were M&M, ITC, Bajaj Auto, L&T, Kotak Mahindra Bank, Sun Pharma and Nestle India, spurting as much as 2.87 per cent. In contrast, ICICI Bank, UltraTech Cement, Asian Paints and Dr Reddy’s closed in the red, shedding up to 0.43 per cent. 


Brokers said buying activity gathered pace as investors opened their new books on the first session of Samvat 2078. The Excise Duty cut on petrol and diesel added to the festive cheer, they said. 


Global equities hovered near record peaks even after the Federal Reserve announced that it would trim its asset purchases by $15 billion a month from November, with investors taking heart from the US central bank’s assurance that it was in no rush to raise rates. 


Barring metal, all BSE sectoral indices finished in the green, led by auto, consumer discretionary goods, capital goods, industrials and FMCG. A similar trend was seen in the broader markets, with the BSE Small-Cap Index, jumping by 1.36 per cent and the mid-cap gauge gaining 0.73 per cent. 


Domestic markets conduct a special one-hour Muhurat trading session on Diwali every year to mark the beginning of the traditional Hindu calendar year, called ‘Vikram Samvat’. In the previous Samvat 2077, the BSE Sensex had rallied 16,133.94 points or 36.97 per cent, while the Nifty soared 5,048.95 points or 39.50 per cent. 


The BSE and NSE will remain closed on Friday (November 5) on the occasion of ‘Diwali Balipratipada’. 


Meanwhile, foreign institutional investors (FIIs) net sold shares worth Rs 401.48 crore on Wednesday, while domestic institutional investors bought to the tune of Rs 195.55 crore, according to exchange data. 

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