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Samvat 2075 turned out to be the best year in over a decade for the Indian stock markets. Compared to a sharp fall last Samvat, this year the Sensex rose 245 points or 0.7 per cent to close at 35,237. The Nifty index rose 68 points or 0.65 per cent at 10,598. In the past few years, with the exception of last year, benchmark indices have typically started the trading year on a flat note.
During Muhurat trading on October 28, 2008 (Samvat 2065), the Sensex had gained 5.86 per cent. During Samvat year 2074, the Sensex gained 2,407 points or 7 per cent, while the broader NSE Nifty rose 319 points, or over 3 per cent.
US waiver lifts sentiments
Washington’s sanction waivers to top buyers of Iranian oil this week have come as a relief for India; stock market sentiments turned positive during Diwali, brokers told BusinessLine . Oil prices were soft after a 2 per cent fall the previous day, with US crude futures hitting an eight-month low.
Gains across sectors, led by auto, fast-moving consumer goods and energy stocks, propelled the benchmark indices higher.
“Samvat 2075 started on a positive note and there is a case for the markets to hit new highs,” said Devan Choksey, founder and promoter KR Choksey Investment Managers. “US election results are such that the dollar rally will remain in check and the rupee will stage a recovery. Corporate fundamentals are strong. The stage is set for positive moves in the next Samvat after the recent correction of nearly 15 per cent.”
The real impact of oil prices and US elections on India’s stock market will be known only on Friday as large institutional investors and foreign investors usually do not participate in a big way in Muhurat tradin.
Wall St set for gains
Wall Street looked set for gains, with Dow, S&P and Nasdaq futures rising ahead of market opening.
US Congressional election on Tuesday saw some gains for the Democrats; the outcome cast doubts on further tax cuts, which could dampen the dollar and Treasury yields. It is estimated that Democrats’ House win creates hurdle for Republicans to pass legislation through both chambers of Congress.
Gold prices dropped by ₹ 210 to ₹ 32,400 per 10 gm in special ‘Diwali Muhurat’ trading at the bullion market. Silver too fell by ₹300 to ₹39,000 per kg. Lack of buying interest in bullion this Diwali has hit prices in India. Globally, gold rose 0.51 per cent to $1,233.80 an ounce and silver climbed 0.17 per cent to $14.77 an ounce.
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