India’s equity benchmark surged in the early Muhurat trading hours on Monday as part of an hour-long window on Diwali, with investors betting on exchange systems available in between 6:15 p.m. and 7:15 p.m., according to their predictions of how profitable and auspicious the stock will be.
In the first trading session of the Samvat 2079 year, according to the Hindu calendar, the 30-stock BSE Sensex index rose 635.12 points to 59,942.27 and the broader NSE Nifty-50 index gained nearly 200 points to trade above 17,750.
Including telecommunications, financial services, banking, industry and electricity, all of the BSE sector indexes were up.
Brokers reported that shortly after investors opened accounts for the first session of Samvat 2079, buying activity increased.
All Sensex shares, except Hindustan Unilever, are trading in the green.
With a gain of 2.10%, L&T led the group of gainers, followed by ICICI Bank, Nestle India, HDFC, HDFC Bank, NTPC and PowerGrid.
Both equity Benchmark rose on Friday to extend gains for sixth straight sessiondespite a broader global sell-off in risky assets.
Due to Diwali, Indian stock exchanges were closed on Monday, with normal trading starting on Tuesday.
On Monday, global stocks extended much of the recovery that began over the weekend in New York on Friday on news that the Federal Reserve is weighing when to slow the pace of gains and possibly announce an announcement. announced back to the meeting in November,
Fed officials, including Mary Daly of the San Francisco Fed and James Bullard of the St. Louis, said that any policy discussion at the November meeting will focus on tightening interest rates.
“What this means for markets is that the exchange rate and forex market could now become more sensitive to incoming economic data and any evidence of financial market stress.” Derek Halpenny, Head of Research at MUFG told Reuters.
STOXX 600 is up on the day as European indices advance a week ahead of earnings driven. Emerging market stocks fell, largely due to a significant sell-off in China.
Chinese blue-chip stocks fell about 3%. Meanwhile, Hong Kong shares fell 6.4%, marking the biggest single-day drop since the financial crisis, after Mr. Xi Jinping was elected to a record third term as president and selected a top governing body with supporters.