Indian equity benchmarks extended their winning streak, with the Nifty 50 climbing 0.52% to close at 25,843.15, surpassing the 25,800 level for the fourth consecutive session. The BSE Sensex followed suit, gaining 0.49% or 411.18 points to end at 84,363.37, after hitting an intraday peak of 84,656.56, up 0.84%. This bullish momentum primes investors for the Diwali Muhurat Trading on October 21, a one-hour session from 1:45 p.m. to 2:45 p.m. IST, marking the start of Samvat 2082, the Hindu financial year.
Foreign portfolio investors (FPIs) maintained their buying trend for the third straight day, acquiring equities worth Rs 790.45 crore, per provisional NSE data. Domestic institutional investors (DIIs), consistent buyers for over a month, bolstered the rally with Rs 2,485.46 crore in purchases. Strong earnings from banking giants like HDFC Bank and ICICI Bank, coupled with easing global trade concerns, have analysts advocating a "buy-on-dips" approach for the festive session. Historically, the Nifty 50 has gained in 15 of the last 19 Muhurat sessions, averaging 0.4-0.9% returns, with seven consecutive positive closes into 2025.
With markets closed for Diwali Laxmi Pujan except for the Muhurat window, traders eye Nifty resistance at 26,000-26,300, with support at 25,600-25,700 on the upside and 25,000-24,800 on the downside, according to Vishnu Kant Upadhyay of Master Capital Services. Sectors like banking, autos, FMCG, and consumer durables are favored, with stocks like ICICI Bank, L&T, BEL, and LT Foods recommended for long-term portfolios. The session, though low-volume, carries full settlement obligations, blending sentiment with strategy.
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Post-market earnings showed mixed results: Geojit Financial Services reported a 12.8% QoQ rise in total income to Rs 173 crore but a 19.2% drop in net profit to Rs 22.4 crore. The rupee strengthened by 9 paise to 84.93 against the dollar, supported by inflows and lower crude oil prices, a positive signal as silver outshone gold in returns from Diwali 2024 to 2025, while crude faltered.
Notable stock moves included Precision Wires India allotting 27.7 lakh shares at Rs 151 to non-promoters, and Saraswati Commercial paying Rs 22.7 crore for convertible warrants to acquire a stake in Precision. State Bank of India raised Rs 7,500 crore via Tier-II bonds. NSDL faced a SEBI order to pay Rs 15.6 crore within 30 days for FY24 non-compliances. Unimech Aerospace launched two Bengaluru facilities, while CRISIL reported gains in data analytics and risk solutions. Marathon Nextgen, partnering with Adani Realty, unveiled a Rs 3,400 crore GDV project.
Bulk deals highlighted activity: Arian Investment sold 26 lakh shares (2.46%) in Bliss GVS Pharma to Mateus at Rs 150.6; Infinity Asset Advisors offloaded 16.5 lakh shares (0.52%) in DCB Bank at Rs 145.18; Sumit Bilgaiyan bought 7.77 lakh shares (0.50%) in Gujarat Ind Power at Rs 181.49; and Aditya Kumar Halwasiya acquired 2.01 crore shares (0.76%) in South Indian Bank at Rs 35.24.
F&O cues signal optimism: Nifty October futures rose 0.67% to 25,930.20, with an 87-point premium and open interest up 3.80%. For the October 28 expiry, maximum call open interest is at 26,000, with puts at 25,000, suggesting range-bound trading. Sammaan Capital remains under the F&O ban.
Trading tweaks saw BlueStone Jewellery and Lifestyle removed from the ASM framework, easing constraints ahead of the festive surge. With markets closed on October 22 for Balipratipada, the Muhurat session is a symbolic gateway to prosperity. Will Samvat 2082 extend the Nifty’s winning streak? Investors are ready to light diyas and watch the markets shine.
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