The Indian stock market will be closed on Monday on the occasion of Diwali. However, during the evening, both the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE) will open for an hour for Muhurat trading.
On Diwali, trading in the equity and derivate segment will begin at 6:15, and conclude at 7:15pm, reported HT’s sister website Mint, citing notices by BSE and NSE. On the other hand, the pre-open session will commence at 6pm and last till 6:08pm.
What is Muhurat trading?
Muhurat trading commemorates the start of a new ‘Vikram Samvat,’ also known as just ‘Samvat,’ and which is a historical calendar used in the Indian subcontinent. According to Hindu mythology, Muhurat is considered auspicious to begin something new or good. Therefore, at the start of a new ‘Samvat,’ the business community open their account books.
On Diwali, Hindus seeks blessings of Goddess Laxmi. On the BSE, the practice of Muhurat trading began in 1957, and, for NSE, in 1992.
The upcoming Samvat, which is 2079, looks ‘much brighter and more promising,’ and the Indian economy stands in a sweet spot of growth and remains the land of stability against the backdrop of a volatile global economy, said domestic brokerage and research firm Axis Securities.
Meanwhile, after Monday, the stock market will not open on Wednesday as well, on account of Diwali Balipratiprada festival.