Mumbai (Maharashtra) [India]: Equity benchmark indices closed nearly half a per cent higher on Sunday after the special one-hour trading session on Diwali, the festival of lights, which also marks the beginning of traditional Hindu accounting year Vikram Samvat.
It is believed that trades conducted in these 60 minutes bring prosperity, wealth and good fortune. At the closing bell, the BSE S&P Sensex was up by 192 points at 39,250 while the Nifty 50 edged higher by 44 points to 11,628. All sectoral indices at the National Stock Exchange were in the green with Nifty auto up by 1.37 per cent.
Among stocks, Tata Motors made a dramatic gain of 17.8 per cent at Rs 149.55 per share. The automaker recently reported a standalone net loss of Rs 1,282 crore during the second quarter ended September 30. Yes Bank was up by 5.18 per cent at Rs 54.85 apiece while Mahindra & Mahindra, Vedanta and Infosys gained by 1.9 per cent each.
Among those which lost were Bharti Infratel, Coal India, Grasim, Titan and Maruti.
The exchanges will remain closed October 28 on the occasion of Diwali Balipratipada.
Several investors have ruled out a market rally in Samvat 2076 on the back of domestic and global headwinds which could keep markets volatile through the year.
On the domestic front, the economic slowdown, fiscal and current deficits, interest rates and liquidity issues are factors likely to impact market sentiment, besides the pace of fund inflows from foreign and domestic investors into equities as an asset class.
At the global level, the trade war between the United States and China, the monetary policy of major central banks and oil prices will also impact domestic bourses.