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Sensex Soars 310 Points in Diwali Muhurat Trading; Gold Loses Sheen

Bullion traders said the slide in gold prices was mostly due to absence of worthwhile activity as jewellers and retailers made token purchases to mark the auspicious occasion of 'Diwali' and beginning of Hindu Samvat year 2075.

PTI

Updated:November 7, 2018, 6:29 PM IST
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Sensex Soars 310 Points in Diwali Muhurat Trading; Gold Loses Sheen
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New Delhi: Benchmark Sensex rallied 310 points to reclaim the 35,000-mark in the opening trade of the special Muhurat session Wednesday to mark the beginning of Hindu Samvat year 2075.

The Sensex was trading higher by 310 points to 35,301.91 in the first few minutes of trade. The index had registered a gain of near 41 points on Tuesday.

Gold prices dropped by Rs 210 to Rs 32,400 per 10 grams in special 'Diwali Muhurat' trading at the bullion market on Wednesday.

Tracking gold, silver too fell by Rs 300 to Rs 39,000 per kg.

Bullion traders said the slide in gold prices was mostly due to absence of worthwhile activity as jewellers and retailers made token purchases to mark the auspicious occasion of 'Diwali' and beginning of Hindu Samvat year 2075.

Globally, gold rose 0.51 per cent to $1,233.80 an ounce and silver climbed 0.17 per cent to $14.77 an ounce.

Meanwhile, the broader NSE Nifty also rose by 61 points to 10,591. All the sectoral indices were in the green, led by oil and gas, auto, realty and FMCG.

The BSE Sensex gained 2,407.56 points, or 7 per cent, in the Hindu Samvat year 2074, while the NSE Nifty rose by 319.15 points, or over 3 per cent.

Brokers said buying activity gathered momentum as investors opened their books on the first session of Samvat 2075.

Major gainers in the Sensex pack were M&M, Tata Motors, Infosys, Vedanta Ltd, Yes Bank, Bajaj Auto, ITC Ltd, Hero MotoCorp, Maruti Suzuki, Asian Paints, Kotak Bank, ONGC, HUL, HDFC Ltd, NTPC,
Sun Pharma, TCS, Adani Ports, Tata Steel, Wipro, Axis Bank, HDFC Bank and Power Grid, rising by up to 1.85 per cent.

Globally, Wall Street stock futures rose Wednesday after Democrats won control of the US House of Representatives, boosting the party's ability to block President Donald Trump's political and economic agenda.

Meanwhile, DIIs bought shares worth Rs 118 crore, while FIIs sold shares worth Rs 499.7 crore Tuesday, as per provisional data.

In the Asian region, Hong Kong's Hang Seng rose 0.10 per cent, while Taiwan was up 0.85 per cent. Japan's Nikkei, however, shed 0.28 per cent.

In Europe, Paris CAC 40 surged 1.36 per cent, Frankfurt's DAX gained 1 per cent, while London's FTSE rose 1.17 per cent in their early session.

In the national capital, gold of 99.9 per cent and 99.5 per cent purity traded lower by Rs 210 each to Rs 32,400 and Rs 32,250 per 10 grams respectively. The precious metal had shed Rs 80 on Tuesday.

Sovereign too weakened by Rs 100 to Rs 24,800 per piece of eight grams.

In line with overall trend, silver ready fell by Rs 300 to Rs 39,000 per kg while weekly-based delivery lost Rs 316 to Rs 38,128 per kg.

Silver coins were unaltered at Rs 76,000 for buying and Rs 77,000 for selling of 100 pieces.

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| Edited by: Ahona Sengupta
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