Mumbai, November 14: The Muhurat trading on the occassion of Diwali 2020 was held, as per the auspicious timings, on Saturday evening. The market opened up for a special bracket of one hour to mark Samvat, the Gujarati new year. This year marked Samvat 2077, and the initial period of Muhurat trading witnessing the sensex soaring high. What is Muhurat Trading And Here's Why the Age-Old Practice is Still Followed on the Day of Diwali.
S&P was among the leading indices, with the company rising over 300 points. The Sensex and Nifty rose to an all-time high, peaking to above 43,830 and 12,800-mark, respectively.
Among those companies that gained in the Muhurat Trading were Bajaj Finserv, IndusInd Bank, Bharti Airtel, and Axis Bank. Their shares were trading over 1 per cent higher than the preceding rate.
At the Nifty, all sectoral indices were trading higher, led by Nifty Bank index which went up by 0.9 per cent. Overall, the S&P BSE MidCap and SmallCap indices were both trading 0.8 per cent higher.
Actress Athiya Shetty Present During Opening Bell Ceremony
— ANI (@ANI) November 14, 2020
The green boost to the share market comes two days after an atmosphere of gloom was sensed by analysts, with the Reserve Bank of India (RBI) projecting a phase of technical recession in the nation. The central bank predicted the GDP to contract by 8.6 percent, vis-a-vis the past year. This would be the second consecutive contraction of the economy, after shrinking by around 23 percent in the previous quarter.