The special Diwali trading session, known as Muhurat Trading, for the year 2023 is slated to take place on November 12. This symbolic one-hour event marks the onset of the new Samvat, or Hindu calendar year, and is often considered a prosperous beginning for traders and investors.
What Happened: The BSE (Bombay Stock Exchange) announced on Friday, that the Muhurat Trading for Diwali 2023 would occur between 6 p.m. and 7.15 p.m. This event, held every Diwali, serves as a symbolic trading session where traders execute token trades to commemorate the advent of the new year.
Although regular trading is suspended on Diwali, the markets remain open for this one-hour session. The trades conducted during this period are settled on the same day, inclusive of the 15-minute pre-opening and closing phases.
Investors often buy stocks during Muhurat Trading in the belief that it will usher in wealth and luck for the upcoming year. This occasion also signifies the initiation of new settlement accounts by stock traders.
In the previous year, the Muhurat Trading was held on October 24, between 6.15 pm and 7.15 pm. Historically, the markets have ended in the green on Muhurat Trading Day, with both Sensex and Nifty recording a gain of 0.88% each in 2022 and an increase of 0.49% each in 2021.
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The timing and date of the session are determined based on astrological factors, taking into account the lunar calendar. The session’s auspiciousness is believed to bring in good returns and set a positive tone for the upcoming trading year.
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