Mumbai, Oct 30 (IANS) The Indian equity markets ceded their initial gains during the special "Muhurat" trading session which is held to mark the start of the Hindu New Year on Sunday.
The Hindu New Year - Samvat 2073, began on a positive note. However, caution ahead of key global events' risks and negative international cues subdued investors' sentiments.
The 51-scrip Nifty of the National Stock Exchange (NSE) was flat -- up only 0.85 points or 0.01 per cent at 8,638.85 points.
The 30-scrip sensitive index (Sensex) of the S&P Bombay Stock Exchange (BSE) Atraded on a flat-to-positive note.
The S&P BSE Sensex, which opened at 28,066.32 points, traded at 27,962.65 points (at 7 p.m.) -- up 21.14 points or 0.08 per cent from the previous day's close at 27,941.51 points.
The Sensex has so far touched a high of 28,095.71 points and a low of 27,958.40 points during the intra-session trade.
The special trading session held every year on Diwali is considered to be auspicious for stock market trading. It is believed that the "Muhurat" trading on this day brings wealth and prosperity throughout the year.
This ritual has been observed for ages by the trading community.
On Friday, the last trading day, the equity markets had closed on a flat-to-positive note, even as negative global cues, foreign fund outflow and profit booking subdued investors' sentiments.
The barometer index inched-higher by 25.61 points or 0.09 per cent to 27,941.51 points, while the NSE Nifty gained 22.75 points or 0.26 per cent to 8,638 points.
In Samvat 2072, the barometer index had gained 2,074.56 points or 8.02 per cent, whereas the NSE Nifty had swelled by 813 points or 10.38 per cent.
