Muhurat Trading: The Auspicious Day to Start your Trading Year.
Trading is one of the toughest & rewarding professions in the world. It requires a lot of analysis, research and conviction to make a trade. But traders mostly believe in their skills, techniques and experience, but they do consider that luck plays an important factor in making a successful trade especially in India. Indian stock market is one of the oldest in the world and it has gone through tremendous change with age, such as the introduction of complex derivative products, algo trading, high–frequency trade as well as online trading. Despite so many changes, some of the customs have stayed on. One such trading custom which stays with India stock market even today is Muhurat Trading.
It is an auspicious trading hour on the day of Diwali. The festival of lights (Deepawali) marks the start of the Hindu New year. Traders consider it as a good omen to do some bit of stock trading on this day to propitiate Goddess Lakshmi, the Indian goddess of wealth and prosperity for her blessing throughout the Samvat year. It is believed that Goddess Laxmi comes to reside at the place, where she is revered. The word “Muhurat “means an auspicious time to start something, hence it is considered as an auspicious trading hour to enter with high optimism into the next finance market. It is mainly held during the evening hours and their announcement in this regard is made by the stock market exchanges through a notification. Both BSE and NSE conduct the trading session. Here are the key highlights of Muhurat Trading of 2019:
- BSE has more than 60 years old history of Muhurat trading. This year the pre-opening session was held from 6:00 P.M to 6:08 P.M on October 27. The live trading session was held during the 6:15 p.m. to 7:15 p.m.
- This session marks the beginning of a new Hindu calendar, Vikram Samvat 2076.
- It was started in BSE during the 1957, whereas in the case of NSE in the year 1992.
- BSE Sensex closed by 192 points at 39,250.
- The broader NSE Nifty closed at 11,627 after surging 43 points.
- Most of the major BSE Sectoral indices rises, which is led by auto, industries, metal and basic material expect.
- The major gainers in the BSE Sensex during the Muhurat trading were Tata Motors, Yes Bank, Infosys, Vedanta Ltd, ITC Ltd, Hero MotoCorp, HDFC Bank, Tata Steel and RIL, rallying up to 16.07 percent.
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