Mumbai (Maharashtra) [India], October 20 (ANI): Indian stock markets opened greater on Monday forward of Diwali, as festive season optimism and file procuring boosted investor sentiment.
However, specialists cautioned that the session could stay unstable because of the upcoming buying and selling vacation and the particular Muhurat buying and selling session scheduled for Tuesday.
The Nifty 50 index opened at 25,824.60, gaining 114.75 factors or 0.45 per cent, whereas the BSE Sensex began at 84,267.59, up by 315.40 factors or 0.38 per cent.
Market specialists famous that the Indian markets will stay open just for the Muhurat buying and selling session on Tuesday and can be closed on Wednesday, which may result in revenue reserving later within the day as merchants minimize positions forward of the shortened week.
Ajay Bagga, Banking and Market Expert, advised ANI, ‘Indian market futures are persevering with their sturdy shut momentum this morning. With positioning within the overbought zone, and key resistance ranges close to on each Nifty and Bank Nifty, it will likely be an fascinating session. Indian markets will see solely the Muhurat buying and selling on Tuesday and can be shut on Wednesday as properly. As such, in the present day may see a surge, then revenue reserving led fall within the afternoon as positions are minimize forward of the truncated session and vacation developing. Overall, the prospect of Indian markets reaching their final yr’s all-time highs is nice, because the earnings downgrade cycle appears to be bottoming out. A November US commerce deal appears the massive catalyst that would drive Indian markets right into a catch-up mode with their world friends.’
The festive season has witnessed sturdy shopper spending throughout sectors similar to vehicles, white items, clothes, gold, and silver.
Dhanteras auto and gold gross sales had been at file highs. With 48 lakh weddings scheduled in November and December, specialists anticipate a blockbuster consumption increase that would additional elevate market sentiment as Indian equities try and surpass their September 2024 all-time highs in October and November.
This yr, Muhurat Trading 2025 will happen on October 21, Tuesday, beginning at 1:45 pm and persevering with for one hour. Markets will now open for buying and selling on Thursday.
Sunil Gurjar, SEBI-registered analyst and Founder of Alphamojo Financial Services, mentioned, ‘The NIFTY 50 is displaying distinctive energy, confirmed by three consecutive sturdy weekly bullish candles leading to a notable 4 per cent surge in three weeks, which clearly signifies sturdy and protracted purchaser curiosity. Technically, the index has achieved a major breakout from a 160-day Channel sample, signaling the transition into a serious new uptrend part.’
He added, ‘Currently, the worth is consolidating between its key resistance at 25650 and help at 24500. A decisive push and breakout above resistance would function the ultimate affirmation, suggesting a transparent continuation of the rally. Furthermore, the alignment of the worth above all key shifting averages and the sustained momentum suggests that every one technical components strongly help the potential for the sector to realize a brand new All-Time High.’
Globally, investor sentiment improved as US-China commerce tensions eased, with Vice Premier He Lifeng and Treasury Secretary Scott Bessent scheduled to fulfill this week. Meanwhile, the US authorities shutdown continued for the third week, already impacting round 0.3 per cent of GDP, whereas a Federal Reserve charge minimize is anticipated within the upcoming assembly.
On the geopolitical entrance, the assembly between President Donald Trump and President Volodymyr Zelensky in Washington didn’t yield progress, as Trump pressed Zelensky to simply accept Putin’s phrases for peace. European nations reiterated their ‘unwavering dedication to Ukraine’ amid ongoing tensions.
In different Asian markets, Japan’s Nikkei surged 2.97 per cent, Hong Kong’s Hang Seng index jumped 2.6 per cent, Taiwan’s weighted index gained 1.46 per cent, and South Korea’s KOSPI rose 1.39 per cent, reflecting a broadly optimistic temper throughout the area. (ANI)