Business Today

A tepid start to Samvat 2074; Sensex may be subdued after 17% gain previous year

The Sensex opened at 3 2,656.75 points, made a high of 32,663.06 points, a low of 32,319.37 points and closed at 32,389.96 points, down by 194 points during one-hour Muhurut trading.

BT Online   New Delhi     Last Updated: October 20, 2017  | 14:56 IST
A tepid start to Samvat 2074; Sensex may be subdued after 17% gain previous year

While the Samvat 2073 ended on a positive note on Wednesday, the new Samvat started on a tepid note for equities on the back of muted quarterly results, weak global clues and profit booking. The Sensex opened at 3 2,656.75 points, made a high of 32,663.06 points, a low of 32,319.37 points and closed at 32,389.96 points, down by 194 points during one-hour Muhurut trading. Even BSE Midcap index fell 0.25%. The only saving grace for the day was Smallcap index which rose marginally at 0.11%.

Bharti Airtel emerged as the top gainer with a rise of 2.06%. It was followed by Lupin (0.34%), Infosys (0.29%), Mahindra and Mahindra (0.26%), Dr Reddy's Laboratores (0.14%). The top losers were Adani Ports (2%), ICICI Bank (1.98%), Kotak Mahindra Bank (1.64%), NTPC (1.60%), Tata Motors (1.45%) and Coal India (1.38%).

According to experts, in Samvat 2074 markets will remain subdued due to weak earnings growth and higher than average valuations and needs strong domestic flows to rise up.

In Samvat 2073, domestic investors put in a whopping 97,597 crore. This coupled with funds flowing from foreign investors pushed markets to a record high. The Sensex gained 16.67% and the Nifty 18.38% by the end of Samvat 2073. This is despite disruptions in the economy like  demonetisation of high value currencies on 8 November 2016 and goods and services tax (GST) rollout from from 1 July 2017.

Good monsoon were also responsible for the rally.

However, Indian markets lagged behind its Asian counterparts like Hong Kong, Korea and Japan.
 
Sectoral indices like metal gained from 10578 to close at 14541 as metal prices increased due to a revival in global demand and expectations of Chinese production cuts.

The one-hour Muhurat session is held every year on Diwali to mark the start of the Hindu New Year and see traders entering into token trades to making money as the trading is considered auspicious

Markets are closed today on account of Vishwakarma Puja.

 

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close