Indian Stock Market Starts Samvat 2080 on a High Note
The start of Samvat 2080 saw India’s stock benchmarks gain over half a per cent in the special 60-minute Muhurat trading session, signaling a promising beginning for investors. The Sensex closed at 65,259, up 355 points, while the Nifty ended 100.20 points higher at 19,526, marking their best Muhurat trading gains in five years.
Infosys led the gainers among Sensex stocks with a rise of 1.4%, followed by Wipro and Asian Paints. The Nifty Midcap100 index rallied 0.61% and the Nifty Smallcap 100 surged 1.14%. Of the 3,713 traded stocks, 78% advanced while 19% declined.
The Muhurat trading session is considered auspicious as traders make token transactions to take home profits, setting the tone for the year to come. Despite expectations of sharp market swings and modest returns in Samvat 2080 due to geopolitical risks and rich share valuations in India, investors anticipate double-digit returns in the new Hindu year.
Eye on Fed Reserve Policy
Asset managers expect relatively modest returns with global headwinds expected to subside and domestic macroeconomic indicators seen as robust. The Indian market reached record highs in September before gaining about 8-9% since the previous year’s Diwali. This period saw a surge in retail investor participation with about 26.1 million demat accounts opened.
The US Federal Reserve is expected to keep interest rates higher than previously expected, which could test investor faith in the market. The direction of US bond yields and the dollar will drive the appetite for emerging markets like India. Despite challenges such as volatile bond yields and fluctuating oil prices, Indian equities are expected to deliver double-digit returns supported by double-digit earnings growth.
Hot Take: Samvat 2080 Outlook
The Indian stock market has started Samvat 2080 on a strong note with significant gains during the Muhurat trading session, setting a positive tone for investors. Despite anticipated market volatility and modest returns due to various challenges including geopolitical risks and rich valuations, asset managers are optimistic about double-digit returns in the new Hindu year.
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