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Mitron, On 14th Nov, 2020…
On coming Saturday i.e. on 14th November 2020, Indian Stock exchanges will be open for 1 hour between 6.15 pm to 7.15 pm. You must be wondering how market can be open on Saturday and that too for just one hour?
Muhurat Session:
Indian Stock exchanges (NSE & BSE) have this unique tradition of holding a symbolic one-hour trading session on the day of Diwali to pay tributes to Hindu Godess of Wealth & Prosperity, also known as Devi Lakshmi. From the day of Diwali, new Hindu accounting year called as Samvat gets started. Year 2020 marks Samvat 2077. Lots of old market traders use this day as a reference point and take a review how their portfolio and overall markets performed in last Hindu year.
History and Significance:
Before the invention of electronic stock exchanges, stock trading used to take place in designated trading halls of stock exchanges. Nobody apart from stockbrokers and their registered assistants would be allowed to enter the trading halls. Clients would have to stay outside the hall. They could get instructions/information from stockbroker with the help of the brokers’ assistants.
However, on Muhurat trading day during this one hour of open market, stockbrokers used to invite some of their clients and friends into the trading hall to witness the open-outcry trading. Traders mostly buy stock on this auspicious day to welcome luck for new year.
BSE has been holding Muhurat Trading Session since 1957 and NSE since 1992. A few investors on Dalal Street still believe that stocks bought on this day are meant for keeps, so that they can be passed on to the next generation. The market momentum historically has remained positive in these special trading sessions, but trading volumes have generally been low. Many stock brokers like Zerodha also waive off brokerage charges on this day.
So, try logging-in on 14th November at 6.15 pm to be a part of this auspicious tradition.
You can check our daily analysis of stock markets by clicking here.
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