Thursday, Jan 20 2022 | Time 22:34 Hrs(IST)
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Business Economy


Diwali Muhurat Session: Sensex surges 400 points, Nifty 115 points

Mumbai, Nov 4 (UNI) The sensex rose more than 400 points to hit intraday highway of 60,207.97 while Nifty 50 increased by 100 points in one-hour special Diwali Muhurat trading session to mark the beginning of Samvat 2078, the Hindu New year.
The Sensex opened at 60,207.97 points.
At 1830 hrs, the Sensex was up 368.84 points or 0.60 per cent while Nifty 50 up 105.50 points or 0,57 per cent.
HDFC Bank, Infosys, Reliance Industries, ICICI Bank, Hindustan Unilever, Tata Consultancy Services and Axis Bank were among gainers.
Commenting on the outlook of Equity market for Samvat 2078, Krishna Kumar Karwa, Managing Director, Emkay Global Financial Services, said it would be unfair to assume that the benchmark indices would deliver similar returns in the short term.
Benchmark index returns in the short term may not be the right way to assess the investment opportunity, he said.
Macro headwinds like high oil prices, supply chain disruptions, the debate on transient versus structural inflation, the possibility of hardening interest rates across the globe, internal economic challenges in China and its global ramifications, and the ongoing US-China spats would keep global and local markets volatile.
''The markets are currently not fully discounting these headwinds but having said that stocks will track earnings and valuations, and to that extent companies whose stock prices are reflecting the optimistic outlook 3-4 years down the line are most vulnerable to price and time corrections,” he opined.
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