Lakshmi Poojan, Muhurat Trading to be held on October 19
The exchange said that the trade would begin at 6:30 pm, which will be preceded by a pre-opening session at 6:15 pm and the trade would last for one hour.
The special ‘Muhurat Trading’ session, held every year on the day of Diwali, will take place on October 19 this year.
The exchange said that the trade would begin at 6:30 pm, which will be preceded by a pre-opening session at 6:15 pm and the trade would last for one hour. Apart from the auspicious trade, the exchange will also hold a Lakshmi Poojan ceremony at 3:00 pm and felicitate top volume performers on this day at 4:30 pm.
For the uninitiated, Muhurat Trading is unique to Indian markets and is based on the word Muhurat, which means auspicious time. Markets open for trading to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. Traders decorate their offices across India and do Lakshmi Puja.
Trading on the Diwali day with token orders at a specific Muhurat time is believed to bring prosperity and wealth for the year ahead for traders.Insight 18 | Samvat 2074: The Story Behind Muhurat Trading
Last year, the market ended on a lower note in the previous year, with Sensex ending over 11 points lower. Meanwhile, the Nifty fell 12.30 points to end at 8,625.70.
Historical data also suggests that the Nifty closed in red in the Diwali month in six out of last ten years. It plunged the most in the year 2008 when the Nifty saw a steep fall of nearly 30 percent, followed by the year 2009 when it fell by 7 percent, and in the year 2010 Nifty saw a decline of 2.5 percent.
The bulls failed to regain their foothold on D-Street in the month when this auspicious festive of lights is celebrated. The Nifty index gained the most in the year 2011 when it rose by 8 percent, followed by the year 2012 when the index rallied a little over 5 percent, and then in 2014 when it saw a surge of 2.5 percent.Since the Modi government came to power, Nifty closed positive in the year 2014 and 2016 when it rose by 2.5 percent and 0.16 percent respectively. The Nifty slipped by 1.6 percent in the year 2015.