Gold futures (December 2020) touched an intraday high of Rs 51,080 per 10 grams on a nearly 0.5 percent jump. Meanwhile, silver futures (December 2020) rose as much as 0.4 percent to Rs 64,038 per kg.
Exchanges in India, including NSE and BSE, hold special trading on the occasion of Diwali and this is called the Mahurat Trading session. The session, which lasts for an hour, is considered auspicious to make purchases and begin the traditional Hindu accounting year, called Samvat.
It is believed by the Hindu community that buying small quantities of shares on this occasion can bring the blessings of Goddess Lakshmi, the goddess of wealth and prosperity, throughout the Samvat year.
Saturday also happens to Dhanteras, an auspicious day to make purchases of assets like precious metals.
Historically, the market momentum is positive during the Mahurat Trading and is become a symbolic ritual for the Indian trading community for over half a century.
This year, Mahurat Trading was scheduled for 14 November between 6:15 pm to 7:15 pm on NSE, BSE and MCX.