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  Business   Market  29 Oct 2019  Muhurat trade points to positive moves

Muhurat trade points to positive moves

THE ASIAN AGE. | RAVI RANJAN PRASAD
Published : Oct 29, 2019, 1:12 am IST
Updated : Oct 29, 2019, 1:12 am IST

Tata Motors gained 17.86 per cent while Yes Bank gained 55.37 per cent during the one hour trading session.

Sensex and Nifty -50 closed with gains of 0.49 per cent and 0.37 per cent respectively on the first day of trading for Samvat Year 2076 in the special one hour Muhurat trading session on Sunday.
 Sensex and Nifty -50 closed with gains of 0.49 per cent and 0.37 per cent respectively on the first day of trading for Samvat Year 2076 in the special one hour Muhurat trading session on Sunday.

Busy earnings calendar and US Federal Reserve meeting on October 29-30 is likely to dominate market movement this week as it opens after Monday’s holiday. However, local traders’ presence in the market is likely to be thin due to Diwali holidays.

Sensex and Nifty -50 closed with gains of 0.49 per cent and 0.37 per cent respectively on the first day of trading for Samvat Year 2076 in the special one hour Muhurat trading session on Sunday. The Sensex gained 192.14 points or 0.49 to close at 339,250.20 while the Nifty closed at 11,627.15 up 43.25 points or 0.37 per cent.

 

Tata Motors gained 17.86 per cent while Yes Bank gained 55.37 per cent during the one hour trading session. Institutions’ presence was thin, and domestic institutions were net buyers of equities worth Rs 54.39 crore while the foreign portfolio investors were net buyers by Rs 6.61 crore.

Dhiraj Relli, MD & CEO, HDFC Securities, said, "Markets continued the recent positive trend in muhurat trade. There is a visible turnaround in sentiments and one hopes that we may witness a broader up move in the markets soon."

As the market opens on Tuesday after a long weekend, all eyes will be on whether the US Federal Reserve will cut interest rate on Wednesday night as many analysts have predicted and whether the US  Federal Reserve Chairman announce the end of the easing cycle or will leave door open for more rate cuts.

 

Back home Reliance Industries, India’s largest company by market capitalisation, made an announcement after market hours on Friday, to which the market may react on Tuesday. According to the statement issued by RIL, it will set up a wholly owned subsidiary for digital platform initiatives in which RIL will infuse Rs 1.08 lakh crore equity. The wholly owned subsidiary will invest the same in equity of  Reliance Jio to reduce debt. In the special trading session, RIL stock closed at Rs 1434.10 up 0.24 per cent on the BSE.

Major earning declaration scheduled for the week include Bharti Airtel and Hindustan Zinc on October 29, Tata Chemicals, United Bank and Tata Global on October 30, Indian Oil Corporation and Syndicate Bank on October 31 and Dr Reddy Laboratories, Bank of India, Central Bank of India, GIC Housing Finance, JSW Energy and Yes Bank on November 1.

 

Motilal Oswal, Managing Director & CEO, Motilal Oswal Financial Services, on the new year ahead rthat started with muhurat trading, said:

“I am optimistic about the medium to long-term perspective. I see tremendous interest amongst the foreign investors. Brand India is at its all-time high. The government is also proactively addressing many basic issues. After the Big Bang corporate tax cut, I am hopeful that there will be individual income tax rate cut and see many more reforms on the way.”

Tags: sensex, tata motors