Nifty Seen Opening Above 17,900 In Diwali’s Muhurat Trading Session


Nifty Seen Opening Above 17,900 In Diwali's Muhurat Trading Session

In Samvat 2077 Sensex surged 38 per cent and Nifty 50 index climbed 40 per cent.

Indian equity benchmarks are set to open on higher in one-hour special Diwali’s Muhurat trading session, to mark the beginning of Samvat 2078, the Hindu New year, as indicated by the Nifty Futures traded on the Singapore Exchange. The Nifty Futures on Singapore Exchange rose 2 points to 17,925 amid positive cues from global markets after the Fed announced it would trim its bond buying by $15 billion a month from this month, while leaving open the option to quicken or slow the pace as needed.

In Wednesday’s trading session, Nifty declined 60 points to close at 17,829 and Sensex slipped 257 points to 59,772.

World stocks hit a record high on Thursday after a smooth start to the US Federal Reserve’s mass stimulus unwind plan and as traders waited to see if the Bank of England would be the first major central bank to raise interest rates since COVID hit.

European stocks notched all-time highs for a fourth day running. Oil was up ahead of an OPEC+ meeting, while there was a general drop in volatility on relief that the Fed hadn’t pulled any surprises on Wednesday.

Back home, foreign institutional investors sold shares worth Rs 401 crore on Wednesday while domestic institutional investors bought shares worth Rs 195 crore.

In Samvat 2077, which ended on Wednesday, the Indian equity benchmarks gave tremendous returns to investors with Sensex surging 38 per cent and Nifty 50 index climbing 40 per cent.

Eicher Motors will be in focus after the maker of popular Royal Enfield motorcycle on Wednesday reported net profit Rs 373.20 crore compared with Rs 343.34 crore in the same quarter last year, marking an increase of 9 per cent. Its revenue from operations advanced 5 per cent annually to Rs 2,216 crore.

Bata India will be on investors’ radar after the country’s leading shoe maker reported net profit of Rs 37 crore compared with loss of Rs 44.4 crore in the same quarter last year. Its revenue from operations advanced 67 per cent to Rs 614 crore versus Rs 368 crore in the same quarter last year.