Samvat 2080 was off to a good start with a record turnover of Rs 14,091 crore in the Muhurat trading session. After a dip in 2022, the turnover jumped 34% year-on-year (YoY), according to a report by Geojit Financial Services.
The short session on the occasion of Diwali saw trades across 2,431 companies, which is also a new high, with more new listings over the years.
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Benchmark indices scaled three-week highs in the trading session on Sunday, led by gains in energy and information technology (IT) stocks. The session ended on a positive note for the sixth year in a row.
During the Muhurat trade, as many as 80% of the stocks advanced, 16% declined and 3% remained unchanged. The advance-decline ratio stood at 4.90, staying above 3 for the sixth consecutive year.
Among the cluster-wise turnover, the top 50 companies’ share in total turnover dropped to 41%. The share gradually declined from 2008 till 2018 but went up in 2019.
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Meanwhile, companies with turnover ranked between 51 to 100 registered a share of 14.3%, which is a dip from last year.
Analysts expect the bullish momentum in the market to continue in the near future, albeit with some hiccups on the way.
“We believe India would continue to shine and expect markets to maintain its outperformance in Samvat 2080. Over the next couple of quarters, sector rotation would be an important driver along with the overall market uptrend,” said Motilal Oswal, MD and CEO, Motilal Oswal Financial.
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Sectorally, experts picked automobiles, cement and IT as top sectoral bets investors could look at.
“We believe that strong order book, premiumization trend and expected recovery in rural demand would provide tailwinds to the larger auto space including PVs and 2Ws. The improved pricing in the cement industry and the expected uptick in volumes on the back of the government’s thrust on infrastructure in the election year would keep cement companies buoyed in the next one year,” said Manish Chowdhury, Head of Research, StoxBox.
“A contrarian sectoral bet would be the IT sector as we believe that most of the negatives are already priced in and improved operational performance and strong order pipeline bodes well for the IT sector recovery going ahead,” he added.
