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Diwali celebrations bring about a shift in trading hours on Dalal Street and MCX. On Dhanteras, the stock market will operate, while it will observe its usual Saturday closure. A special Muhurat Trading session is scheduled for Sunday, allowing limited customary Diwali trades. After this session, trading will pause on Tuesday for Diwali-Balipratipada. Investors should strategically plan their trading during this vibrant festive interval.
Buying gold on Dhanteras is considered auspicious in many traditions. But the festive season comes at a time when gold prices have seen sharp corrections in recent months. Does that mean that gold has lost its glitter as an investment bet? Or are the current dips the right entry point?
Gold prices have fallen sharply in futures trade due to weak spot demand across major Indian cities. In futures contracts, the price declined by Rs 2,178 for December delivery on the Multi Commodity Exchange. Major cities like Bengaluru, Mumbai, and Delhi recorded decreases in the rates of 24K, 22K, and 18K gold. Prices dropped in different categories indicating a broader trend of weak demand.
As Diwali approaches, Indian stock exchanges celebrated a remarkable boost, seeing both Sensex and Nifty climb significantly. This positive shift was driven by a hefty influx from foreign institutional investors, who recorded their highest single-day purchases in the last six years. Additionally, lower crude oil rates and a strengthened rupee enhanced market confidence.
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