At 3:38 pm IST, the benchmark indices traded marginally lower, with the Sensex declining 28.62 points, or 0.04 per cent, to 80,999.40, while the Nifty fell 43.95 points, or 0.18 per cent, to 24,986.40, with the market showing limited movement at the end of the day.
Commenting on the market trend, Ajay Lakhotia, Founder and CEO of StockGro, told NDTV: "Samvat 2083, the new market year, began the way Muhurat usually does: calm and slightly positive, with the Nifty closing around 25,000. After seven straight days of gains, investors held on instead of rushing to sell. That says a lot."
"Clearly, this hour is about tradition, and is not a forecast. In the last ten years, the Muhurat session has never moved the Nifty by more than one per cent either way," he said.
What is Muhurat Trading?
Muhurat trading is a special, shortened stock market trading session held in India on Diwali to mark the beginning of the Hindu financial year, known as Samvat.
The session is considered auspicious by many investors, who believe that making token investments during this period brings prosperity and good fortune in the coming year. The trading window generally lasts for about an hour, although its duration is determined by the stock exchanges each year.