Diwali has almost arrived, hitting the markets with sweets, crackers and clothes. There is lot more to Diwali celebrations apart from lighting diyas and bursting crackers.
Diwali is a festival symbolic of prosperity, and Goddess Laxmi is worshipped for the attainment of wealth and success.
In the restless city of Mumbai, Mahurat stock trading for an hour or so on Diwali evening along with illegal betting is a common occurrencce.
Teen Patti and Casino events are also organised organized privately at several places where large amounts of cash, jewelery and vehicles are used as a capital for betting.
Mumbai, also known as the national capital of economy, witnesses much more than what other cities or states see.
Where lights and crackers are part of Diwali celebrations elsewhere, Diwali in Mumbai is marked by the continuous ringing of phones, blaring televisions, laptop screens lit up with
The oldest stock exchange board of India - Bombay Stock exchange (BSE) and National stock exchange (NSE) situated on Dalal Street in Mumbai are thronged by masses during this time. This year too, BSE and NSE have declared one hour Mahurat trading on October 30 from 6.30PM to 7.30PM.
According to the Hindu calendar, Mahurat is a time slot during which planets align themselves in such a way that the work done during this time becomes fruitful and is uninfluenced by the evil. Hence trading in the stock markets during the Diwali day at a specific Muhurat is considered to be a purveyor of prosperity and wealth.
Trading on this day, is done more for traditional, religious and sentimental reasons. This is the time when many traders try their luck at earning more and try to recover losses suffered by them during the year.
Stock brokers and stock advisory firms also release stock picks for Mahurat trading where they guide their clients to deal with particular stocks to attain good margins of profits and recover past losses in that one hour trading. Stock purchased on Mahurat trading are often for long-term.
Mumbai is also popular for organizing illegal Teen Patti and betting on the day of Diwali.
“I am not an expert in trading neither I have taken any kind of training for share trading. I started trading and betting where I use to watch news channel and try my luck over expert advice.
Initially I suffered huge losses as I believe many of expert on business news channel are paid and they often recommend shares for which they are highly paid by companies. Maximum number of share traders are immature as was I was initially”, said Ashwin Kumar a marketing professional in Mumbai.
“I don’t know how this graph works and failed to understand initially but slowly and gradually started marking profits and breakevens on many occasions.I was a intraday player but I later, understood that holding a share can be more profitable sometimes.
I am curious about Mahurat trading as I have made profits and recovered losses incurred by me over the last three consecutive years. I suffered losses because of the market crash which happened a couple of months back and eager for Mahurat trading.”
“I would seek to invest in Gold during Mahurat Trading this time as many have speculated that gold prices may fall but I am hoping to profit on the intraday basis during evening Mahurat trading,” he further added.
Stock trading is legal in India and had been monitored under Security exchange board of India (SEBI).
It is notable that India and Newzeland’s ongoing ODI series has a match sceduled on October 29. Cricket has always been a point of attraction and important event for the betting mafia’s. Illegal betting would be witnessed on October 29 across India but betting rackets are actively channelized in National economy capital Mumbai.
Casino, Teen Patti and Cricket betting would be point of attraction for people who wish to make a quick money.Many would have noticed people playing cards on Diwali within the family and imany say it is part of the rituals performed during Diwali festival.
“We organize Teen Patti within the family but unlike others who bet cash, jewelry and vehicles, we believe it’s a game and we as a family don’t believe in doing the same. It just a fun for us.
It’s a event where we use chocolates, gadgets, clothes and anything which is valuable to us apart from cash. It is a game where we exchange lots of things within the family and we do not term it illegal because its not a commercial event organized in many places around Mumbai. I have been invited on several times on Diwali for such events, but I never visited.
I prefer playing with my family for fun purpose and Diwali is a festival to bring people and family closer and together and we as a family use such game for just for get together,” said Punit Singh a property dealer.
Mumbai would be witnessing much more than other on occasion of Diwali as Police would be alert to raid on such event which is illegal. “We would be keeping an eye on many hotels as many organize such things in hotels as well, Due to lthe involvement of collosal amountsof cash which is black money, we would be raiding several places across city,” said a police official.
“Its a festival of happiness, wealth and prosperity but Mumbai is a city which has every elements from Shankarpaali and Chakli to Teen Patti.”