How Has the Indian Stock Market Performed During Muhurat Trading? A 10-Year Review

Muhurat Trading is a special stock market session held on Diwali to mark the beginning of the new Samvat year. Investors often associate the occasion with an auspicious start, but the market does not always deliver gains. A review of the last 10 completed sessions, from 2016 to 2025, shows that the Nifty 50 and Sensex ended above their previous trading-day closing levels in eight years and declined in two.

A daily percentage change compares the Muhurat close with the previous trading day’s close; an open-to-close change measures only the movement during the special session. These two measures should not be confused. The most recent completed session was on October 21, 2025, and the 2026 Muhurat Trading session is scheduled for November 8.

Muhurat Trading: Nifty 50 and Sensex Opening and Closing Levels, 2016–2025

2016 and 2017: The Only Two Negative Muhurat Sessions

The first two sessions in the review ended lower. On October 30, 2016, the Nifty 50 fell 0.14% from the preceding close to 8,625.70, while the Sensex settled at 27,930.21, down 0.04%. The Nifty had opened at 8,672.35, meaning that it lost 46.65 points from the start of the special session itself. The Sensex similarly slipped 136.11 points from its opening level.

The weakest year was 2017. On October 19, the Nifty ended at 10,146.55, down 0.63% against the previous closing level, while the Sensex finished at 32,389.96. Although the Sensex began the session higher at 32,656.75, it surrendered those early gains. The Nifty also slipped 63.80 points between its opening and closing levels. These two years show that the festive session is not immune to profit-booking.

2018 and 2019: Positive Daily Closes, But Intraday Gains Fade

Muhurat Trading returned to positive territory in 2018. On November 7, the Nifty closed at 10,598.40, a rise of 0.65% against its previous close, while the Sensex ended at 35,237.68, up about 0.70%. Yet both indices had opened higher than their eventual closing levels: the Nifty began at 10,614.45 and the Sensex at 35,301.88. Their positive daily performances therefore included an opening gap rather than a continuous rise throughout the session.

The pattern continued in 2019. On October 27, the Nifty ended at 11,627.15, up approximately 0.37% from the previous close, and the Sensex finished at 39,250.20. However, the Nifty had opened at 11,662.25 and the Sensex at 39,397.37. Both lost ground after the opening bell even though their final levels were above the preceding trading day’s close.

2020 and 2021: The Market Advances Despite a Softer Finish

On November 14, 2020, amid the recovery from the pandemic-led market disruption, the Nifty closed at 12,780.25, up 60.30 points or 0.47% over the previous session. The Sensex finished at 43,637.98, a gain of 194.98 points or 0.45%. However, the Nifty had opened at 12,823.35 and the Sensex at 43,815.45, so both ended below their own Muhurat opening levels.

In 2021, the pattern repeated. On November 4, the Nifty opened at 17,935.05 and finished at 17,916.80, while the Sensex moved from 60,207.97 at the opening to 60,067.62 at the close. Both benchmarks gained around 0.49% when compared with their previous trading-day closing levels. An index can therefore record a positive headline return while still declining during the special trading window.

2022: The Strongest Muhurat Trading Gain of the Decade

October 24, 2022, was the best-performing Muhurat session in the 2016–2025 period when measured against the previous trading close. The Nifty rose 154.45 points or 0.88% to 17,730.75, while the Sensex gained 524.51 points or 0.88% to end at 59,831.66. The advance was supported by gains in financial and other heavyweight stocks, according to contemporary market reports.

Even here, the opening-to-closing picture was mixed. The Nifty opened at 17,736.35 and closed 5.60 points lower, while the Sensex started at 59,804.02 and finished 27.64 points higher. This made 2022 the only year in this 10-year sample when the Sensex recorded a gain from its own Muhurat opening level. The stronger daily gain reflected how far the market had already moved from its previous close.

2023 to 2025: Three More Positive Closes, With Modest Final Gains

On November 12, 2023, the Nifty ended at 19,525.55, higher by 100.20 points or 0.52% against the preceding close. The Sensex closed at 65,259.45. Nevertheless, the Nifty declined 21.70 points from its opening level of 19,547.25, and the Sensex fell from 65,418.98 to 65,259.45. Both indices had a positive daily return but a negative opening-to-closing movement.

In 2024, the Nifty rose 99 points or 0.41% from the preceding close to 24,304.35. It had opened at 24,302.75, leaving a gain of just 1.60 points during the special session. The Sensex, however, fell from its opening level of 80,023.75 to close at 79,724.12, even as it gained 335.06 points or 0.42% over the previous trading day. The different results show why opening values matter when describing a session.

The most recent completed session on October 21, 2025, delivered the smallest positive daily gain of the decade. The Nifty closed at 25,868.60, up 25.45 points or 0.10% over the previous close, while the Sensex ended at 84,426.34, up 62.97 points or 0.07%. Both declined from their special-session openings of 25,901.20 and 84,484.67, respectively.

Conclusion

Muhurat Trading has usually ended on a positive note for Indian benchmark indices. Between 2016 and 2025, the Nifty 50 and Sensex gained against their previous closes in eight of 10 sessions, led by the advances in 2022. Yet a closer review shows that both indices declined from their opening levels in nine sessions each. The distinction is central to understanding the numbers: a positive Muhurat close does not necessarily mean the market gained during the special trading window. The historical pattern is worth observing, but it is not a reliable forecast for the next Samvat year.