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Muhurat trading 2022: shares may rise at opening bell

Published on Oct 24, 2022 17:22

BSE and NSE will conduct a one-hour special Muhurat trading session today to mark the beginning of Samvat 2079. The special one-hour trading session will be held between 6:15 pm and 7:15 pm.

SGX Nifty:

Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 27.50 points at the opening bell.

Global Markets:

The US Dow Jones index futures were up 174 points, indicating a positive opening in the US stocks today.

European shares advanced Monday, with U.K. politics expected to settle as the ruling Conservative Party picks a new prime minister following the resignation of Liz Truss last week.

Most Asian shares ended higher today. However, shares in China and Hong Kong tanked as Chinese tech stocks slumped after Chinese President Xi Jinping paved the way for an unprecedented third term as leader and packed the Politburo standing committee with loyalists. Investors fear continuing strict policy that could hamper growth of tech giants and very few people who can challenge Xi`s policies, even those that are negative for growth.

Meanwhile, China`s gross domestic product grew 3.9% in the third quarter from a year ago, data from the National Bureau of Statistics showed. In the second quarter, GDP increased 0.4% compared with the same period in 2021.

U.S. stocks soared on Friday following the media report that some Fed officials are concerned about tightening policy too much. On Friday in the U.S., the Dow Jones Industrial Average jumped 748.97 points, or 2.47%, to close at 31,082.56. The S&P 500 added 2.37% to 3,752.75. The Nasdaq Composite climbed 2.31% to 10,859.72.

Domestic Equity Market:

The equity benchmarks ended slightly higher on Friday, extending gains for the sixth trading session. The uptrend was supported by banks and financial stocks. However, metals, pharma and healthcare shares dragged. The barometer index, the S&P BSE Sensex, rose 104.25 points or 0.18% to 59,307.15. The Nifty 50 index gained 12.35 points or 0.07% to 17,576.30. In six consecutive sessions, the Sensex has risen by 3.62% while the Nifty has advanced 3.3%.

Foreign portfolio investors (FPIs) bought shares worth Rs 438.89 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 119.08 crore in the Indian equity market on 21 October 2022, provisional data showed.

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