Sensex, Nifty End Lower in Diwali Special Trading Session as Banking Stocks Drag

Indian benchmark equity indices ended Sunday’s special Muhurat Trading session on a subdued note, with losses in banking and IT stocks weighing on market sentiment at the start of Samvat 2083.

The BSE Sensex declined 28.62 points, or 0.04 per cent, to settle at 80,999.40, while the NSE Nifty fell 43.95 points, or 0.18 per cent, to close at 24,986.40.

During the session, the Nifty touched an intra-day high of 25,132 before surrendering its gains and slipping below the 25,000 mark. The Sensex also witnessed volatility, moving between a high of 81,442 and a low of 80,932 before ending nearly 29 points lower.

Among the Nifty constituents, SBI Life Insurance, InterGlobe Aviation and Bharti Airtel were among the major laggards. Sun Pharma and Tata Steel emerged as key gainers during the special trading session.

The broader market, however, remained relatively resilient, with the Nifty MidCap 100 rising 0.13 per cent and the Nifty SmallCap index gaining 0.94 per cent.

Sectorally, Nifty Pharma and Nifty Healthcare were among the top performers, while Nifty Bank and Nifty Private Bank recorded the steepest declines.

Market experts maintained a constructive outlook for the new Samvat, although they expect moderate and selective returns. Earnings growth, rather than valuation expansion, is likely to remain the primary driver of market performance, they noted.

Muhurat Trading is a special, shortened trading session held annually on Diwali. Coinciding with Lakshmi Puja, the session is considered auspicious by investors and marks the beginning of the Vikram Samvat, or the Hindu financial year.

-IANS