Mahurat Trading: Sensex Drops 194 Points; Nifty Ends Below 10,150
Indian shares dropped in a ceremonial and shortened trading session to mark Diwali, the festival of lights.
The benchmark S&P BSE Sensex fell 0.6 percent to 32,389, losing ground for a third straight day. The NSE Nifty 50 Index retreated 0.6 percent to 10,146, declining for a second day after it closed at a record.
ICICI Bank Ltd., the nation’s third-biggest private lender by market value, dropped 2 percent, the most on both the key gauges. The S&P BSE MidCap Index fell 0.2 percent and the S&P BSE SmallCap Index dropped around 0.1 percent.
Seventeen out of 19 sector gauges compiled by BSE Ltd. declined led by the S&P BSE BankEx’s 1.27 percent slump. On the other hand, S&P BSE Telecom Index was the top sectoral gainer, up 1.46 percent.
Let’s end the blog on a positive note.
The Sensex has risen in seven of the past ten years on the Muhurat trading day and dropped in eight of the following sessions. So, since the market closed lower today, there may be a bounce back in store on Monday?
Stocks Moving On News
- Jyoti Structures rose 4.7 percent as it said it will sub-contract a project in west Africa to Transrail Lighting
- Mahindra Lifespace rose 4 percent after it said it will form JV with HDFC Capital Affordable Real Estate Fund-1 for affordable housing projects
Don’t Read Too Much Into Muhurat Trading
Independent market analyst Ajay Bagga said the SGX Nifty had indicated weakness early on. “There is no need to read too much into this session,” he told BloombergQuint.
Be that as it may, the Nifty is down 0.8 percent and likewise for the Sensex.
Betting on auto suppliers, two-wheelers, commercial vehicles, he said adding start looking freshly at IT and pharma, Bagga said.
“Do Your Own Research!”
That’s the sound advice coming in from stock market veteran Kisan R Choksey while reiterating his avoid on derivatives. “The knowledge of industry is very necessary.”
IGL, Mahanagar Gas likely to benefit on government expenditure, he said.