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Indian New Year - Samvat 2065 - starts on optimistic note

Posted on 29 October 2008

Opalesque Report: As if the global meltdown witnessed in commodities in the last few weeks was a nightmarish dream, the Indian New Year Samvat 2065 (known as Diwali muhurat trading) started on an optimistic note on Tuesday. Bombay Stock Exchange Index (Sensex) sees highest gain in a decade on new year day trading.

Agri commodities light up on on the National Commodity and Derivatives Exchange (NCDEX) on Diwali (festival of lights) day. Owing to stockiest buying in future market enabled the most of the agri commodities to garner impressive gains in today’s trading. However, most of the physical market remained close for today.

The stock market stepped into the new year on a positive note in the hour-long ‘muhurat’ trading in the evening, with the Sensex clocking its highest Muhurat-day gain of 499 points. But last year at the same time, the benchmark index in Mumbai was at 18,907.6 points.Elsewhere in Asia, key markets rebounded smartly.

The stock market in India’s financial capital is closed for normal trading for the festival, but opened for an hour of token one-hour Muhurat trading in the late evening as Diwali is considered the best time to make new investments.

The session in which traders seek the blessings of the Hindu goddess of wealth Lakshmi in hopes of prosperity in the coming trading year has taken on new importance given the slide triggered by the global financial crisis.


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