05 Nov , 2021 By : Kanchan Joshi
Indian stock markets BSE and NSE will remain closed today on the occasion of 'Diwali Balipratipada'. In the special one-hour Muhurat trading session to mark the beginning of Hindu Samvat year 2078, domestic equity benchmarks Sensex and Nifty on Thursday finished on a strong note. Positive global cues and slashing of excise duty on petrol and diesel lifted the sentiment.
On Thursday, Sensex climbed 295.70 points to 60,067.62, reversing its two-session sliding streak. The broader NSE Nifty had advanced 87.60 points, or 0.49 per cent, to finish at 17,916.80. A similar trend was seen in the broader markets, with the BSE small-cap index jumping 1.36% and the mid-cap gauge gaining 0.73%.
Nifty has given more than 40% returns in Samvat 2077 so far, while Midcaps/Smallcaps have outperformed with returns in excess of 70%/80% respectively. The key themes during Samvat 2077 were high beta, cyclicals and value stocks.
In Samvat 2078, “with the economic cycle picking up, we expect the corporate earnings growth to revive as well. Markets have always moved in tandem with earnings growth. Although there would be ups and downs in-between, we expect the overall trend of the market to remain positive in Samvat 2078 as well," said analysts at Motilal Oswal.
“Some of the themes which we expect to play out during Samvat 2078 are certain segments were we can see earnings normalization with improving economy, increasing spending to benefit companies in Technology, Travel, Tourism, leisure & QSR segment. Real Estate and ancillaries like cement and other building material companies are also expected to witness increasing demand. Finally, stock selection was the key in generating returns within the Midcap space during Samvat 2077 – a trend which we believe could continue going ahead as well," they said in a report.
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