Sensex and Nifty end in red during Samvat 2083 Muhurat trading
The benchmark indices surrendered early gains to close marginally lower as the new Hindu financial year began on Sunday.
The BSE Sensex and NSE Nifty50 ended the special Muhurat trading session on Sunday in the red, marking the start of Samvat 2083. According to reports by The Times of India and The New Indian Express, the Nifty50 declined 0.18 per cent to close at 24,986.40, slipping below the 25,000 mark after hitting an intraday high of 25,132. The Sensex ended 29 points, or 0.04 per cent, lower at 80,999.
The volatile session followed a seven-day rally where the Sensex rose 10.62 per cent and the Nifty rose 10.27 per cent. Despite the marginal decline in the indices, investors' wealth increased by Rs 2.60 lakh crore to reach Rs 5,06,87,267.96 crore.
The previous year, Samvat 2082, saw negative returns with the Sensex down over 4 per cent and the Nifty declining over 3 per cent. Analysts noted that Samvat 2082 was impacted by geopolitical tensions in West Asia, high crude oil prices, and record foreign institutional investor (FII) selling of approximately Rs 3 lakh crore.
Looking ahead to Samvat 2083, Somil Mehta, Head of Retail Research at Mirae Asset Sharekhan, expressed optimism for a gradual market recovery driven by corporate earnings and domestic consumption. Neeraj Gaurh, Director and Fund Manager at Anand Rathi AMC, expects index returns in the low teens, provided crude oil remains below $85–90 and the rupee stabilises.
Raamdeo Agrawal, Chairman and Co-Founder of Motilal Oswal Financial Services, stated that the market has the potential for bumper returns by the next Diwali due to low valuations and high earnings growth. Motilal Oswal remains positive on sectors including BFSI, manufacturing, and consumption for the new year.