As Indians around the world gather to celebrate Diwali today, many will be keeping their eyes on the clock for the most auspicious time of the year to invest in asset classes ranging from equities to property and gold.
“Diwali brings happiness, colour and success to our lives and is the festival of growth and prosperity. So, an investment at Diwali is believed to be highly auspicious,” says Shruti Sayed, 35, an Indian resident of Dubai.
Ms Sayed invested in two India-based mutual funds last Diwali, the DSP Equal Nifty 50 and the Aditya Birla Digital India fund, which have returned more than 50 per cent over the past year.
That performance is in line with markets worldwide, which have reported oversized rallies driven by trillions of stimulus dollars, vaccine-linked post-coronavirus recoveries and an optimistic outlook among savings-rich investors.
Compared with Diwali in 2020, this year represents the highest percentage returns since the 2008 financial crisis.
“Indian markets have done very well in the recent past and are expected to exceed expectations in coming months as well,” Ms Sayed says.
In addition to mutual funds, Ms Sayed is planning to buy a villa in Jumeirah Golf Estates this year and will also be considering established cryptocurrencies during the auspicious Diwali ritual investment window known as muhurat trading. The special trading session, which is determined astrologically, is scheduled for between 6.15pm and 7.15pm on November 4.