Domestic benchmark indices, like SENSEX and NIFTY50, have shown decent performance from last Diwali (2023) to Diwali 2024. Having said that, it has not been a smooth ride. Geopolitical issues and concerns related to inflation have kept the indices volatile. Recently, record outflow from the FIIs and tepid earnings season has resulted in a sharp correction from the peak. Both the indices dropped more than 7.5% from their record high on September 27, weighed down by foreign outflows over the last 21 sessions.
From the last muhurat trading session, NIFTY50 and SENSEX have gained 25% and 23%, respectively. Muhurat trading is a special stock market session held on the auspicious day of Diwali.
Source: Upstox Pro, The last muhurat trading session was held on November 12, 2023.
On the sectoral front, out of 15 sectoral indices, 14 have delivered positive returns since November 12, 2023 (muhurta Trading 2023). During this period, ten sectors outperformed the NIFTY50 benchmark index. Nifty Realty (+48.07%), Nifty Healthcare (+45.2%), and Nifty Pharma (+44.67%) were the top-performing sectors since November 12, 2023.
Source: NSE, Sectoral Indices Performance Since the last Muhrat Trading Session.
The Nifty Realty Index
The Nifty Realty Index has surged 46.27% since the muhurat trade session 2023, outperforming NIFTY50 and emerging as the top-performing sector. As of October 29, 2024, it is trading at 974.35 surged from November 12, 2023, at 666.15.
Currently, the index is 13% down from its 52-week high. Strong sales momentum and consumer demand for a premium lifestyle are key catalysts for a rally in the real estate sector. Among its constituents,
Sobha (85.38%),
Prestige Estates Projects (84.07%), and
Brigade Enterprises (66.13%) have emerged as top performers within the sectors.
Nifty Healthcare Index
Nifty Healthcare Index is currently trading at 14,313.35, gaining 45.24% from last year's muhurat trading session. The index is down 4.8% from its 52-week high. The top three gainers in this index are
Glenmark Pharmaceuticals (117.65%),
Lupin (86.41%), and
Max Healthcare Institute (66.07%).
Nifty Pharma
Nifty Pharma, currently trading at 22,513.85, has surged 44.67% from 15,562.65 on muhurat 2023. It is down 6% from its 52-week high. Top gainers from this index include
Glenmark Pharmaceuticals (117.65%),
Lupin (86.41%), and
Natco Pharma (70.12%).
At its latest trading price of 23,524.75,
Nifty Auto
NIfty Oil & Gas
At the current trading level of 11,317.75, Nifty Oil & Gas has delivered returns of 41.23% from the close of 8,013.75 level on last year’s muhurat trading day. The index has dropped 19.9% from its 52-week high due to geopolitical tensions and rising oil prices. The top three performers are Aegis Logistics (143.42%), Petronet LNG (68.60%), and GAIL India (59.97%).
Nifty Energy
Nifty Energy has gained 39.47% from 27,957.25 on muhurat 2023. Increased power demand and government policies toward renewable energy have supported players in this index. The top three performers are
Adani Green Energy (69.61%),
Tata Power (66.05%), and
NTPC (65.88%).
Nifty Consumer Durables
Nifty Consumer Durables is trading at 39,687.50, up 38.68% from 28,617.25 on muhurat 2023. Prolonged heatwaves and PLI schemes have benefitted companies in this sector. The top three gainers from the sector are
Dixon Technologies (181.51%),
Voltas (111.65%), and
Amber Enterprises (97.78%).
Nifty Metal
Nifty Metal has jumped 36.97% to 9,162.90 from 6,689.55 on muhurat 2023. The index is down 9.7% from its 52-week peak. Top three constituents that delivered superior returns are
National Aluminium Company (139.94%),
Hindustan Copper (89.20%) and
Vedanta (89.17%).
Nifty IT
The Nifty IT Index is trading at 41,870.60, up 35.67% from 30,861 on muhurat Trade 2023, outperforming frontline indices. The outperformance of IT stocks could be due to signs of recovery in the sector anticipating the Fed Rate cut decision. The top three performers from the index are
Coforge (48.29%),
Tech Mahindra (47.97%), and
HCL Technologies (47.33%) from the last muhurat Trading Session.
Nifty PSU Bank
Nifty PSU Bank Index is up 30.91% from the last muhurat Trading Session. Reduction in NPAs, improved balance sheets, and government support have driven the Nifty PSU Bank index. Among its constituents,
State Bank of India (40.13%),
Indian Bank (34.60%) and
Indian Overseas Bank (31.62%) are the top performers.
Nifty Financial Services
Nifty Financial Services is trading at 24,033.65, up 22.26% from 19,657.25 on muhurat Trade 2023. The index has underperformed benchmark indices from November 12, 2023. Currently, it is only 4% down from its 52-week high. The top performers in the sector include
Shriram Finance(63.45%),
REC (59.96%) and
HDFC Asset Management Company (57.29%).
Nifty bank
Nifty Bank is trading at 51,735.05, up 17.59% from last year’s muhurat Trading session. It has underperformed NIFTY50 as banks struggle to maintain deposit growth. In the constituents list,
State Bank of India (40.13%),
ICICI Bank (40.11%) and
Federal Bank (33.64%) are the top-gaining stocks.
Nifty FMCG
The Nifty FMCG index, known as the defensive sector trading at 59,080.45, up 13.05% from last year's muhurat trading day. The sector has underperformed benchmark indices. Among its constituents
Radico Khaitan (59.42%),
Balrampur Chini (45.61%) and
Colgate-Palmolive (45.44%).
Nifty private bank
Nifty Media
Nifty Media has emerged as the losing sector from the last muhurat Trading Session, currently trading at 1,921.55, down 14.53% from 2,248.20 on November 12, 2023. The Nifty Media Index is trading 12.57% above its 52-week low. Among its constituents,
Tips Industries (120.14%),
Saregama (45.98%) and
Sun TV(12.19%) managed to perform well.
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