Stock market to remain closed today on Diwali Balipratipada
- BSE and NSE will be closed today in observance of 'Diwali Balipratipada'
- Sensex and Nifty concluded well in the special one-hour Muhurat trading session yesterday
- Sensex rose 295.70 points to 60,067.62 while Nifty gained 87.60 points to close at 17,916.80
The Indian stock exchanges BSE and NSE will be closed today in observance of 'Diwali Balipratipada.' Domestic equity indices Sensex and Nifty concluded well in the special one-hour Muhurat trading session to commemorate the start of Hindu Samvat year 2078 on Thursday. Positive global cues, as well as a reduction in excise duty on petrol and diesel, boosted optimism.
On Thursday, the Sensex rose 295.70 points to 60,067.62, snapping a two-session losing run. The NSE Nifty has gained 87.60 points, or 0.49%, to close at 17,916.80. The broader markets followed suit, with the BSE small-cap index rising1.36 % and the mid-cap index rising 0.73%.
So far in Samvat 2077, Nifty has gained more than 40%, but Midcaps and Smallcaps have excelled with returns in excess of 70% and 80%, respectively. During Samvat 2077, the prominent themes were high beta, cyclical, and value stocks.
"With the economic cycle ramping up, we expect corporate earnings growth to resume as well. Markets have always moved in lockstep with profit growth. Although there may be ups and downs in the market, we predict the general trend to stay bullish in Samvat 2078 as well," stated Motilal Oswal analysts.
"Some of the themes we anticipate to see during Samvat 2078 include specific categories where we can see profits normalization with a better economy, increased spending to help enterprises in the Technology, Travel, Tourism, Leisure, and QSR industries. Real estate and ancillary industries such as cement and other building materials are also projected to see increased demand. Finally, stock selection was critical in producing returns in the Midcap market during Samvat 2077 - a pattern that we expect will continue," they said in a report.