Diwali Muhurat Trading 2023: Nifty 50 jumps 100 points; Sensex closes at 65,259

Mid and smallcaps outperformed. The BSE Midcap index rose 0.67 per cent while the Smallcap index clocked a robust gain of 1.14 per cent.

The overall market capitalisation of the BSE-listed firms rose to nearly ₹322.5 lakh crore from nearly ₹320.3 lakh crore in the previous session, making investors richer by about ₹2.2 lakh crore on Muhurat Trading 2023.

Shares of Infosys, Wipro, Asian Paints and TCS ended as the top gainers in the Sensex index while only two stocks – Sun Pharma and UltraTech Cement – ended in the red in the 30-share pack.

In the Nifty 50 index, shares of Coal India, UPL, Infosys and Eicher Motors ended as the top gainers. On the flip side, shares of Britannia, Sun Pharma and Apollo Hospital ended as the top losers in the Nifty 50 pack.

As many as 43 stocks ended higher in the Nifty 50 index.

All sectoral indices ended higher on Muhurat Trading. Nifty IT jumped 0.72 per cent while Metal and Realty indices rose 0.6 per cent each.

Nifty Bank closed 0.40 per cent higher at 43,996.65.

Also Read: ‘Diwali 2023: Market outlook positive for Samvat 2080; several midcaps, smallcaps available at reasonable prices’

Outlook for Samvat 2080

Experts are positive about the domestic market for Samvat 2080 owing to India’s robust macroeconomic outlook.

Pranav Haridasan, MD & CEO of Axis Securities pointed out that the Indian economy currently finds itself in a sweet spot of growth and is well-poised for continued resilience in the face of global challenges.

Haridasan believes Samvat 2080 will be quite a fascinating year to watch out for the global economy.

“We embark on this new Samvat with a narrative marked by ‘higher for longer’ interest rates, volatile bond yields, geopolitical conflicts in West Asia, and fluctuating oil prices. However, on the domestic front, the prospects for the Indian economy appear notably brighter and more promising,” said Haridasan.

Also Read: Diwali 2023: Nifty 50 may see healthy gains in Samvat 2080. Which sectors should you bet on?

“Amid a volatile global landscape, India remains in a favourable position for growth, which will be a significant driving force behind Indian equities in the foreseeable future. The improvement in the balance sheet strength of corporate India and the much-improved health of the Indian banking system are other positive attributes. They will ensure that Indian equities readily deliver double-digit returns in the next two to three years with the support of double-digit earnings growth,” Haridasan said.

Also Read: Diwali 2023: Can Nifty 50 hit 25,000, Sensex touch 75,000 in Samvat 2080? Here’s what experts say

Sunil Shah, director at Kambatta Securities said Indian equities may outperform most other global markets in the face of continued geopolitical uncertainties and relatively higher domestic economic growth.

Shah said the major themes will be domestic consumption and premiumisation, enabling companies to post strong earnings growth aided by margin accretion.

Infra and construction plays are expected to do well, according to Shah, as the government’s thrust on infrastructure development may continue, while higher budgetary allocation in rural-focus schemes can help drive a recovery in rural consumption, especially with the upcoming budget being the last one before the General Elections.

Shah believes despite rich valuations in the small- and mid-cap segments, companies with fundamentally strong businesses and good earnings growth continue to justify their valuation.

If US bond yields start coming down by the second half of the calendar year 2024, FPIs will come back to the party. Upcoming state and General Elections can make the market move sideways. Inflation, interest rate trajectory, and geopolitical tensions will remain the key risks, said Shah.

Also Read: Market outlook for Samvat 2080: Indian stock market on a good wicket; positives outweigh potential negatives

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Updated: 12 Nov 2023, 07:43 PM IST