The pre-Diwali trading session, which saw the Sensex close at an all-time high, was certainly a harbinger of things to come. On the Muhurat trading day that followed, the benchmark index pushed past the 21,000-mark, to reach its new closing high of 21,005.
The index gained by 111points from its previous close. However, it has still not reached its all-time trading high of 21,206 reached in January 2008.
The Muhurat trading session, which took place between 6:15 and 7:00 pm on Friday, saw very high volumes being traded, said brokers. “There were very good volumes, especially in the cash market segment, which saw a very high turnover. The Coal India IPO listing has added on to the euphoria,” said Mr Rakesh Goyal, Senior Vice-President, Bonanza Portfolio.
Essentially, on Muhurat trading day, brokers and investors prefer to buy (as a symbolic gesture), rather than sell, stocks.
“There is active trading happening and out of sheer sentiment, people were buying more than selling. The uptake in overall volumes was very high, with a bias towards the derivatives and cash markets,” said Mr Anil Bagri, President, Association of National Exchange Members of India.
The Muhurat trading session also marks the beginning of the Samvat year 2067. The start of the Samvat year is also the new year's day of the Gujurati community, who constitute a large part of the trading community in the country.
The opening bell for the Muhurat trading session was rung by the cast of the movie No Problem, which included stars like Anil Kapoor and Sushmita Sen.
Brokers believe that the markets might see a correction soon, once the steam generated by the Coal India IPO dissipates.
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