The new Hindu calendar year, Samvat 2070, started on a positive note for the equity market on Sunday with the BSE Sensex closing at a record high of 21,239, up 43 points, in the special ‘Muhurat’ session.

The NSE Nifty closed at a record high of 6,317. Its previous record closing was 6,312 on November 5, 2010.

Stock markets opened for a special 90-minute trading session to mark Diwali, considered an auspicious time. Soon after trading started, the Sensex touched a high of 21,321.53 on selective buying, amid renewed optimism on the economic front and strong foreign flows continued to boost sentiment.

The rally was led by PSUs, healthcare, auto and FMCG scrips. Barring the banking and infrastructure indices, all others closed in the green.

Most stocks, however, failed to hold on to initial gains, as some investors booked profits to write their first entry with gains on the first trading session. Dipen Shah, Head -PCG research at Kotak Securities said: “We believe that, in the near term, focus of the markets will continue to remain on global liquidity, the second quarter results as well as outcome of the elections to be held in five States. Over the medium-to-long term, initiatives to improve domestic economic data points and reduction in interest rates will be important triggers. Further progress on fast-tracking infrastructure projects would be positive”.

(This article was published on November 3, 2013)
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