Business & Finance

Sensex and Nifty Close Lower in Diwali Muhurat Trading for First Time Since 2017

By Partha Sinha

MUMBAI – In a rare occurrence, the Sensex and Nifty both ended the Diwali Muhurat trading session in the red for the first time since 2017. The special hour‑long session, which marked the start of Samvat year 2083, saw the Sensex open at 81,299 points, up nearly 300 points from its Friday close, reach a high of 81,442 points, and then fall below 81,000 after profit‑taking. It closed at 80,999 points, down 29 points. The Nifty followed a similar path, closing 44 points lower at 24,986 points. Traditionally, domestic investors are expected to buy stocks only during the Muhurat session, which usually results in higher closing levels. However, the seven‑session rally that added over 10% to both indices left them at multi‑month highs, and the modest consolidation that followed was viewed as a natural profit‑booking move. Ponmudi R, CEO of Enrich Money, noted that such large rallies rarely sustain momentum indefinitely without a period of consolidation. While some large‑cap stocks closed lower, midcap and smallcap stocks saw buying, with BSE’s midcap index up 0.5% and the smallcap index up 1.5%. The aggregate market capitalisation of all BSE‑listed companies rose by about Rs 2.6 lakh crore to an all‑time high of Rs 506 lakh crore. The day also featured traditional Lakshmi Puja celebrations at the bourse and the launch of electronic gold receipts (EGRs) on Friday, Dhanteras, with over 1.8 lakh EGRs traded on the first day, according to Ashishkumar Chauhan, MD of NSE.