First Day of Samvat 2069

Indian stocks saw profit taking in a special trading session to mark the auspicious occasion of Diwali on Tuesday. The Sensex closed 51 points or 0.3 per cent lower at 18,619 while the broader Nifty ended 17 points down at 5,667. The 75-minute Muhurat Trading Session was conducted to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. It also marks the New Year for traders as per the Hindu calendar, or Samvat 2069. The Muhurat Trading typically sees stocks gain as it is considered lucky to make purchases on Diwali, but major blue-chip stocks dragged down the Sensex 0.3 percent. The unexpected fall in industrial production, a slump in exports and higher retail inflation weighed on sentiments.

Volumes were thin in the special trading session. Transactions done during the Muhurat Trading Session will be settled as a separate settlement.

Shares bought on November 12 should not be sold on November 13 as trades done on both these days will be settled together on November 16. The timings for pay-in schedule for stocks sold on November 12 and November 13 will be at 09.30 a.m. and 1.30 p.m. respectively on November 16, 2012 respectively.

The daily mark to market settlement for Futures and premium settlement for Options, for trades done in F&O Segment on November 13 will take place on November 15.

In Zaveri bazar, Samvat 2069 began with a marginal decline in gold prices due to lack of business activity on Diwali, the first day of the Hindu calendar, as bullion dealers ended the day with puja and celebrations after recording the prices of precious metals in their annual handbooks. Standard gold lost Rs 100 to trade at Rs 31,800 per 10g on Tuesday compared to Rs 31,900 per 10g on Monday.

In contrast, silver remained a preferred substitute among retail buyers, resulting in it being traded at a premium of Rs 800-900 over the imported cost. The metal also gained Rs 400 from the previous evening’s closing price to settle at Rs 62,300 a kg.

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