Auto, consumer companies could shine in Diwali run

Mumbai: Traders looking to make a quick buck from the stock market in the run-up to Diwali could consider betting on the Nifty and select sectors like auto and consumer discretionary, among others. According to a study by Samco Securities of the top-performing indices in the period between the start of Navaratri and the Muhurat Trading Day during Diwali in the past decade, the Nifty has gained on nine out of the 10 occasions.

The benchmark index has returned about 2.1% on average in this period, the study said.

Among sectors, the Nifty Auto index has been the best and the most consistent performer in this period. It gained in all 10 years.

NSE’s Infrastructure index and BSE’s Consumer Discretionary index were the other themes that did well during this period.

“People purchase new clothes, automobiles, jewellery, and consumer durables during this auspicious period which generally lasts for a month,” said Samco. “This period is not only auspicious and profitable for the shopkeepers but also for the markets. It is one the most prosperous periods for investors.”

This year, the market has been on a weak footing in this period so far. From the start of Navaratri on October 15, the Nifty has fallen 3.19% and the Sensex is down 3.4%.

This year Muhurat trading, when exchanges keep the markets open for trading for one hour in the evening, will be on November 12.

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