Sensex dips in rare Diwali Muhurat trading loss as Samvat 2083 begins

Indian equities marked a rare negative start to Samvat 2083 as the benchmark Sensex closed 0.04% lower during the Diwali Muhurat trading session in Mumbai on 8 November. The Sensex fell 28.62 points to close at 80,999.40, while the Nifty 50 declined 0.18% to 24,986.40. Over the past 30 years, the Sensex has ended the special session in the red only eight times, including this Sunday decline. The Nifty 50 has lost 1.1% since the previous Samvat year.

Market Details

Friday marked the last trading session of Samvat 2082, where the Sensex rose 2.2% to 81,028 and the Nifty advanced 2% to 25,030.35. The special Muhurat session ran from 2:15 pm to 3:30 pm on Sunday. Trades placed during the session will reflect in investor accounts on Monday, 9 November, coinciding with the first day of the new year. At the National Stock Exchange, managing director and chief executive Ashish Kumar Chauhan rang the exchange bell alongside actors and brokers. More than 300 people gathered at the exchange auditorium, which featured idols of Lord Ganesha and Goddess Lakshmi for Lakshmi Puja.

Turnovers and Expert Views

Despite the muted index movement, NSE recorded an equity cash market turnover of ₹23,374 crore, higher than the ₹19,714 crore recorded in the previous year's session. Vaibhav Chugh, chief executive at Abakkus Mutual Fund, stated that mean reversion could drive a market recovery after price and time corrections over the past two-and-a-half years, noting that earnings grew around 14% over the last two years while returns remained low. Kalpen Parekh, managing director and chief executive at DSP Mutual Fund, pointed out steady growth in cement demand, power, automobiles, and construction. Meanwhile, trader Pallavi Gandhi expressed caution toward futures and options trading, expecting volatility and lower return expectations for the new Samvat year.

Context

Muhurat trading is a traditional stock exchange ritual held on Diwali to mark the start of the Vikram Samvat calendar year, which dates back to 57 BCE and King Vikramaditya of Ujjain. The occasion holds deep cultural significance for business communities, particularly in Gujarat and Rajasthan, who traditionally open new account books at this time.