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Diwali Trading Ends 9-Year Streak: Markets Slip on Muhurat Day
8 Nov
Summary
- Dalal Street's nine-year Diwali winning streak ended during Muhurat trading.
- Sensex and Nifty closed lower in the special auspicious trading session.
- Small-cap indices outperformed larger market segments on Diwali.
The Diwali Muhurat Trading session on Dalal Street concluded with both the Sensex and Nifty registering declines, breaking a nine-year winning streak. The BSE Sensex closed down 28.62 points at 80,999.40, while the NSE Nifty fell 43.95 points to 24,986.40. This marked an end to the consistent gains observed on Diwali since 2018.
The special one-hour session, considered auspicious for new beginnings and prosperity in the Hindu calendar, saw an early uptick erased by subsequent selling pressure. During the session, Sun Pharma emerged as a top gainer, while M&M was among the laggards on the Sensex.
Sectoral performance was mixed, with Nifty Pharma and Nifty Media leading gains. Conversely, banking, technology, and real estate sectors faced pressure. Notably, small-cap indices significantly outperformed their larger counterparts, with the Nifty Smallcap 250 rising 1.20%.
Market veterans advised investors to maintain discipline and adhere to asset allocation strategies. Experts like Nilesh Shah highlighted the importance of steadfastness during volatility, while Raamdeo Agrawal suggested strong return potential by next Diwali, citing favorable valuations and earnings growth prospects.
