It is not only Mumbai's Dalal Street that is witnessing firecrackers on its skies in the run-up to Diwali, markets across the world tend to soar higher during the festival days -- be it Christmas in the United States or the Rio festival in Brazil.
While the Bombay Stock Exchange's 30-share benchmark Sensex has scaled a life-time high just days before Diwali and is currently playing hide-and-seek with the 13,000-point milestone, a number of foreign bourses have registered similar feats during the major festivals in their countries over the past one year.
Besides India, an analysis of market movements in countries like Japan, Hong Kong, Australia, Brazil and the US show that their benchmark indices have registered an impressive uptrend during their main festive seasons.
In Japan, the main festival season begins with the Sappotro Snow Festival in February, followed by Omizutori (water drawing festival) in March and Aoi Matsuri in May.
Tokyo Stock Exchange's Nikkei 225 index registered significant gains during these periods between February and May while scaling its 52-week peak above 17,563.40 points.
Nikkei 225 returned to an expansive mood with the start of festivals in February and hit this high in April after shunning the gloom of sub-16500 levels. The index has, however, slipped below the 17,000 level.
Market analysts believe that the uptrend seen in the stock markets during festivals is similar to the boom-time witnessed in the retail markets when consumer sentiment turns upbeat and purchasing activities soar.
A similar upbeat mood was witnessed in Hong Kong, which is considered as one of the strongest emerging markets in the world and a hub of modern-day commercial activities, during two major festival seasons earlier this year.
The Hang Seng Index of the Hong Kong Stock Exchange registered smart gains and also scaled the 17,000 level during the March-May period when the country celebrates Ching Ming festival (in early April) and Buddha birth anniversary (May 5).
The Hang Seng Index has gained further ground since then and is currently hovering nearly the 18,000 level.
Moving down under to Australia, the S&P/ASX 200 index of stocks listed on the Australian Stock Exchange showed a steady rise December 25, 2005 onwards, when the country celebrated Christmas, through May when it touched a 52-week high of 5406.70.
Australia's main festivals begin with Christmas followed by Easter in April and the festive sentiments were well reflected into the uptrend on its stock market.
However, ASX 200 has come down from its peak of May and is currently trading near 5,300-point level.
Brazil, a part of the now-famous BRIC (Brazil, Russia, India and China) club of emerging markets, managed to keep at par with its Asian peers in terms of the buoyant festive spirit.
The Latin American country's major event of the year is -- Carnival Rio De Janerio, which culminates in processions of Brazilian men and women thronging the streets and celebrating.
The festival also lent fervour to the Bovespa Index, which recorded handsome gains from the period between December 25 of 2005 to February 28 of 2006.
The country's festive mood begins with Christmas in December-end, encompasses New Year celebrations in January and continues through the Rio carnival which is celebrated towards the end of February.
Indice Bovespa, an index of about 50 stocks traded on the Sao Paulo Stock Exchange, during this period literally bulldozed its way from sub-35,000 level to 38,000 level, after which it reached the 52 week high of 42,062 in the month of May.
Similar trends were witnessed in the US with the market movements there bolstering the belief that festivals provide a renewed fervour to the positive market sentiments.
The Nasdaq Composite Index of Nasdaq Stock Market surged ahead past 2,300-points level in January this year from its sub-2,100 level in November, as the country celebrated Christmas and New Year during these months.