Traders’ body Confederation of All India Traders (CAIT) declared that during the Diwali 2020 season in the midst of the full boycott of Chinese products, traders across the country sold goods worth around 72,000 crores. The confederation, which represents approximately 7 crore traders and 40,000 trade associations, said that the Diwali festive period in the country increased by more than 10.8 percent year-on-year, suggesting good business prospects for small businesses.
Based on the reports it collected from 20 different cities, including top metros Lucknow, Nagpur, Ahmedabad, Jammu, Jaipur, and others the sales data was collected. The group is the leading advocate around the nation for small traders and businesses.
In many states, such as Delhi West Bengal, Sikkim, Odisha, Rajasthan, and some other states, small traders and firecracker sellers faced a loss of about 10,000 crore due to the ban on the selling of firecrackers.
During the festive season, toys, FMCG goods, electrical appliances, utensils, confectionery pieces, gift items, home furnishings, candy, furniture, clothes, footwear, Diwali pooja items such as clay diyas, craft products were the main products recording sales.
Diwali: What is Muhurat trading
Indian stock markets have remained closed for regular trading on Diwali, but it should be noted that on this day, the one-hour special Muhurat trading session is held annually. BSE and NSE will also hold Muhurat’s trading session on Diwali in 2020 (November 14), keeping up with the tradition. The trading session for Muhurat is scheduled to start at 6:15 and will end at 7:15. From 6:00 pm to 6:08 pm, there will be a pre-open Muhurat session and a post-closing Muhurat session.
The tradition of Muharat trading began back in 1957 when it was agreed that trading should be carried out at the Bombay Stock Exchange to take advantage of ‘Shubh Muharats’ or favourable times. It is widely believed that trading in Muharat brings prosperity and wealth. It is to be noted that this year, Dalal Street individuals turn to a new accounting calendar.