Stock Market

Muhurat special: Nifty ends below 8650, Sensex in red; Lupin up


Chillicious Bureau

The market has ended in red in the one-hour Muhurat trading on Diwali. After a brief buying spree, the Nifty slipped into red midway and ended below 8650. The 50-share index was down 12.30 points or 0.1 percent at 8625.70. The Sensex was down 11.30 points at 27930.21. About 1951 shares advanced, 519 shares declined, and 200 shares are unchanged.

Lupin, ONGC, Sun Pharma, Infosys and HUL were gainers while Dr Reddy’s Labs, Tata Motors, Adani Ports, NTPC and HDFC were losers in the Sensex. HDFC twins were among top negative contributors to the Sensex and ITC also saw profit booking.

Midcaps outperformed benchmark indices, gaining 0.5 percent while Smallcap index was up almost 1 percent. Top gainers in the Midcap index were Shriram City, Indian Hotels, 3M India, Bajaj Holdings and Nalco.

From last Samvat to Samvat 2073, the Sensex climbed 8 percent while Nifty gained 11 percent. Nifty Metal index rose 58 percent in the period while Midcap was 23 percent.

CNBC-TV18 Consulting Editor Udayan Mukherjee thinks 12 months belonged to commodities and from last Diwali to this Diwali stars were commodities and not stocks.

“Actually, what has happened is the market has just tracked earnings. Last Diwali to this Diwali earnings would have gone up 8-9 percent and the Sensex has gone up 8-9 percent, so barring all the noise which has happened in between, basically the message was there was no re-rating of the market. The market just turned in what earnings did over the last 4 quarters and that is sum and substance of it,” he says in an interview.

Veteran investors Ramesh Damani and Samir Arora, along with trader Atul Suri are optimistic on the market.

Meanwhile, gold futures traded a shade lower at Rs 30,067 per 10 grams in special Muhurat trading on the Multi Commodity Exchange today as participants booked profits to mark the start of Samvat 2073.

Besides, a weak trend at the domestic spot market put pressure on prices.

Market participants said profit booking by speculators, who opened their new accounts on the first session of Samvat Year 2073 and a weak trend at the domestic physical markets, mainly led to a modest fall in gold prices at futures trade here.