Diwali Rally Loses Its Spark, Sensex & Nifty Snap Eight-Year Muhurat Trading Winning Streak
Sensex and Nifty ended lower in Diwali Muhurat trading, snapping an eight-year winning streak. Sensex fell 29 points, Nifty slipped below 25,000, while investor wealth rose Rs 2.60 lakh crore.
Sensex and Nifty ended lower in Diwali Muhurat trading. |
Mumbai: Indian stock markets ended marginally lower during Sunday's special Muhurat trading session, breaking an eight-year Diwali winning streak as investors booked profits following seven consecutive sessions of strong gains.
The session, marking the beginning of Samvat 2083, started positively but failed to sustain momentum, with both benchmark indices slipping into negative territory.
Sensex, Nifty Decline
The BSE Sensex dropped 28.62 points, or 0.04 per cent, to settle at 80,999.40. Earlier, the index climbed to an intraday high of 81,442.11.
The NSE Nifty declined 43.95 points, or 0.18 per cent, to close at 24,986.40, slipping below the psychological 25,000 level.
Both indices recorded their first Muhurat trading losses since 2017, ending eight consecutive years of Diwali gains.
Top Gainers, Losers
Mahindra & Mahindra, IndiGo, Trent, Infosys, Bharti Airtel and Axis Bank were among the major Sensex laggards.
Meanwhile, Sun Pharma, Tata Steel, Maruti Suzuki and Power Grid supported the market.
Despite benchmark losses, investor wealth increased by ₹2.60 lakh crore to approximately ₹505.68 lakh crore.
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The BSE SmallCap Select index gained 1.18 per cent, while MidCap Select advanced 0.22 per cent.
Seven-Day Rally Ends
Before Sunday's session, the Sensex had surged 7,781.99 points, or 10.62 per cent, over seven trading sessions. The Nifty gained 2,331.5 points, or 10.27 per cent.
On Friday, foreign institutional investors purchased equities worth ₹13,749.82 crore, supporting market sentiment.
Market Outlook
Ponmudi R, CEO of Enrich Money, attributed Sunday's decline to profit-booking following the exceptional rally.
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Motilal Oswal's Raamdeo Agrawal expects attractive valuations, improving corporate earnings and returning foreign investors to support markets.
However, analysts believe crude oil prices, global developments and foreign fund flows will remain crucial in determining market direction during Samvat 2083.
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