New Delhi/Mumbai, October 29 (ANI): The beginning of five-day festival season with Dhanteras on Tuesday has brought volumes and a perceptible enthusiasm to the markets with customers making purchases of gold, silver, utensils and utility items with gusto and auto dealers also happy with the response to the special discounts they have offered this month.
Industry members said that the retail sector is expected to witness a significant sales boom.
In Delhi, markets such as Chandni Chowk, Dariba Kalan, Sadar Bazaar, Lajpat Nagar, Greater Kailash also saw a surge in foot traffic as customers looked for Dhanteras deals.
The Confederation of All India Traders (CAIT) has projected nationwide retail trade during Dhanteras to be about Rs 50,000 crore.
Kumar Jain, spokesperson of India Bullion and Jewellery Association, said that there is “record-breaking business”.
“It is a big festival. People are purchasing coins, items or sets (of jewellery), everyone is planning and purchasing as per their budget. It is a matter of great joy that people are purchasing on Dhanteras. Around Rs 200 crore of sale is going to take place here in Zaveri Bazar (in Mumbai),” he said.
Industry players said despite rise in prices of gold, there is significant sale on Dhanteras.
According to the India Bullion and Jewellers Association Ltd., the price of gold in the market today was Rs 7,875 per gram for the fine gold.
The auto market, which has seen deep discounts on some models due to pending inventory, is also witnessing enhanced interests of customers.
A special reason for sales volumes is that major festivals including Dhanteras and Diwali are in October.
Ajay Agarwal, FADA (Federation of Automobile Dealers Associations) Delhi Chairperson, said that Delhi market will be 1.5 times the September volume.
He said that there is significant rise in sales of cars today.
“October has been very good because of Navaratri, Dhanteras and Diwali in the same month… So, customers who have been waiting for the last 3-4 months are now coming to our showrooms to purchase cars. This has been one of the very good months for the automobile business. The last few months have been pretty low,” he said.
“In this season, we see a lot of demands for compact SUVs, small SUVs and large SUVs,” he noted, adding that the demand for electric cars is a little low because of the lack of subsidies.
“We are waiting for the Delhi government to notify the subsidy once again… CNG vehicles are in good demand… Compared to last year also, this October will be much better. Compared to last year, this season will be better…All the schemes are valid till October 31,” he said.
Vinnaayak Mehta, Founder of The Infinity Group, a financial and stock advisor, said that the peak of festival season typically sees rise in gold prices.
“Traditionally, this period sees a spike in gold purchases as consumers buy gold for its auspicious value,” he said.
This festive day of Dhanteras is marked by reverence and traditional purchasing practices, as people seek blessings from Lord Ganesha, Goddess Lakshmi, and Lord Kuber.
Popular purchases include gold and silver jewellery, utensils, kitchenware, vehicles, garments, electronics, business tools, furniture, and even brooms, which are considered an auspicious buy on Dhanteras.
Lord Dhanvantari, the deity of health, is believed to have appeared on this day.
With Dhanteras bringing cheer to the markets and customers, Diwali is expected to bring more colour and joy to those looking for purchase of their choice.
Industry members said festive sales have also given a huge filip to ‘Vocal for Local’ initiative. (ANI)
This report is auto-generated from ANI news service. ThePrint holds no responsibility for its content.