November 14, 2012 6 Comments
The festival of Diwali is associated with Laxmi, the goddess of wealth; it is considered an auspicious time for spending and earning money. The customary trading tradition on the day of Diwali is unique to India where markets open for a short duration in the evening to pay obeisance to Lakshmi, the Hindu goddess of wealth and prosperity. This Muhurat Trading is a centuries old tradition. The day holds significance as it marks the beginning of the New Year, as per the Marwari tradition.Also the Gujarati new year begins a day after Diwali.
More often than not, the benchmark indices have ended higher, albeit by a small margin. The time for trading is specified by the exchanges and usually takes place for about an hour.This year,the Muhurat trading happened on 13 November between 3:30pm and 5:15pm.
Muhurat trading happens not only in stock markets but also commodity exchanges. Major commodity exchanges like MCX, NCDEX and others were open for trade from 5:30 pm to 8pm. Read more of this post