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Brokerage YES Securities has set a target of 72,000 for the BSE Sensex and 21,000 for the NSE Nifty by next Diwali.

Just like the last 64 years, this year too on November 4, the stock market will be closed for trading all day, except for an auspicious hour on Diwali. The one-hour special Muhurat Trading session for Equities, Equity F&O, Currency F&O, and Commodities for Diwali 2021 will be executed between 6:15 PM and 7:15 PM. Before the one-hour-long session begins, the 5:45 PM-6 PM window is reserved for the block deal session, followed by the pre-open session between 6 PM and 6:08 PM.

According to popular belief, the ‘Muhurat’ is a pious occasion and a time when any task or deal done churns fruitful results and leads to prosperity. Moreover, the one-hour trading window is a way the community pays tribute to Goddess Laxmi, the Hindu deity of wealth and prosperity.

Samvat 2077

In Samvat 2077, the Indian market had a good run with the key benchmark indices – Nifty and Sensex – gaining ~50% each in the year. Mid and Small Cap Indices, too, have reported excellent performance and are up ~65% and 80% respectively for the same period. The broader market has outperformed the large-cap universe.

Net outflow from equity MF in the last 12 months was to the tune of Rs.42,000 cr which was largely due to outflows of Rs.84,000 cr between November 2020 & February 2021. Since then they have been strong buyers.

FIIs were net buyers to the tune of Rs.1.02 lakh cr in the last 12 months largely driven by buying in the initial months. Of late they have been net sellers over the last few months.

The overall mutual fund AUM touched Rs 36.74 lakh cr in September 2021, up from Rs 27.6 lakh cr in September 2020, the data from the AMFI showed.

Outlook for Samvat 2078

Motilal Oswal believes the overall trend of the market to remain positive in Samvat 2078 on the back of India crossing 100 crore vaccination and opening up of various sectors positive macro indicators. “With the economic cycle picking up, we expect the corporate earnings growth to revive as well. Markets have always moved in tandem with earnings growth. Some of the themes which we expect to play out during Samvat 2078 are certain segments were we can see earnings normalization with improving economy, increasing spending to benefit companies in Technology, Travel, Tourism, leisure & QSR segment. Real Estate and ancillaries like cement and other building material companies are also expected to witness increasing demand,” said Motilal Oswal – MD & CEO, Motilal Oswal Financial Services

Even Yes Securities has set a target of 72,000 for the BSE Sensex and 21,000 for the NSE Nifty by next Diwali, indicating an upside of over 15 per cent from the current levels.

“Samvat 2078 is likely to start with mega IPOs from many loss-making or meagre profit-making technology companies which would partly exhaust liquidity available to the secondary markets. By the close of Samvat 2078, the US Fed also would have withdrawn almost fully asset purchases and also started hiking the benchmark interest rates. Therefore, only a nominal return of around 15 per cent is possible in the next one year,” noted the report.

AK Prabhakar, head of research, IDBI Capital Markets has set a target of 22,000 for Nifty. However, Vinod Nair, head of research, Geojit Financial Services, sees some corrections going forward. He believes Sensex may fall to 55,500 by next Diwali, while Nifty may touch 16,500.