The Indian indices opened at a fresh record high on 14 November with Nifty 50 surging above the 12,800 level.
BSE's Sensex was up 1 percent at 43,815.45 at 6:15 pm, and the NSE's Nifty 50 rose to 12,823.85.
The indices erased initial gains during the session that ended at 7:15 pm. Nifty closed 0.63 percent higher at 12,770.60 while Sensex ended 0.65% up at 43,637.98.
Top gainers on Nifty 50 in the Mahurat Trading 2020 were BPCL (+4.35%), Tata Motors (+2.29%), IOC (1.95%), Bajaj Finserv (1.74%) and Tata Steel (1.73%). On Sensex, the top gainers were Bajaj Finserv (+1.77%), Tata Steel (1.73%), Bharti Airtel (1.47%), IndusInd Bank (1.42%) and Axis Bank (0.98%).
Investors started the new Samvat year 2077 on a positive note as analysts believe the new Samvat will fare well for the market with COVID-19 coming under control and the economy back on track.
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.
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.