Sensex up by 499 pts in muhurat trading

After a huge loss in indian stock market it took a break to celebrate Diwali on Tuesday(oct28). The stock market stepped into the new year on a positive note, with the Sensex trading its highest Muhurat-day gain of 499 points.Tuesday’s 499-point spurt, in fact, was the biggest Muhurat day gain recorded by the Sensex. The index had fallen 151 points at the beginning of Samvat 2064 on November 9, 2007. While brokerage houses have started buying, some support came from domestic institutional investors,FII's not participated actively according to market sources.

Firm Asian markets and Dow futures may have boosted the Indian indices, but the undertone remained extremely cautious on the day that marked the beginning of the trading year for the Gujarati community, Samvat 2065.Indian stock market is depends on how the US market behaves over the next few days. On Tuesday, the Dow opened in the green. Elsewhere in Asia, key markets rebounded smartly, with the Hong Kong’s Hang Seng climbing 15%, because of the two-day US Fed meeting starting Tuesday. The US banking regulator is expected to cut rates.

Singapore’s Straits Times, South Korea’s Kospi and China’s Shanghai Composite rose between 2% and 6%.

Among the Muhurat day favourites were beaten down realty and metal stocks. The BSE Realty index shot up nearly 10%, followed by metal, power and capital goods indices, which jumped 7% each on Tuesday.
M & M led the pack of biggest Sensex gainers, with a 13% spurt, followed by Jaiprakash Associates (up 11.5%), Hindalco (up 11.2%) and Tata Motors (up 10.8%). Buoyed by smart gains in global markets, the Sensex opened on a bullish note with a gap of 450 points and rose to an intra-day high of 9,057, before ending at 9,008, with a gain of 499 points, or 5.9%.