Markets end FY23 in style; Sensex Nifty rally nearly 2% on firm global trends

The benchmark indices posted gains on the last day of the fiscal year 2022-23, with a nearly 2 per cent jump on Friday, extending the wining to a second day amid firm global market.

BSE Sensex zoomed 1,031.43 points or 1.78 per cent to finish at 58,991.52. During the day, it jumped 1,108.38 points or 1.91 per cent to 59,068.47. NSE Nifty climbed 279.05 points or 1.63 per cent to end at 17,359.75.

“As the financial year drew to a close, the market witnessed an upward trend marked by bullish moves in the banking and IT sectors driven by robust global cues. Notably, an increased interest from foreign institutional investors due to the moderation in Indian stock valuations also aided. While the US market awaits the release of personal consumption expenditures data, which is considered a crucial indicator for forecasting the Federal Reserve’s future actions, domestic investors await the RBI MPC meeting scheduled next week,” said Vinod Nair, Head of Research at Geojit Financial Services.

For the month, Sensex declined by 0.71 per cent and the Nifty was down by 0.52 per cent. In the quarter ended March 2023, the Sensex declined 3 per cent and the Nifty took a bigger knock of 4 per cent.

Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over 4 per cent. Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank were the other major winners.

“Markets ended the last session of the financial year on a high note, tracking firm global markets and supportive local cues. After the gap-up start, Nifty extended the positive tone as the session progressed and finally settled at 17,359.75 levels; up by 1.63%. All sectors contributed to the move wherein energy, IT and banking deserve special mention. In line with the trend, the market breadth was also inclined strongly on the advancing side,” said Ajit Mishra, VP – Technical Research, Religare Broking Ltd.

“Markets are taking comfort from stability in the global markets and we expect the positive tone to continue. On the index front, Nifty has finally ended a 2-week long consolidation phase (16,800-17,200) and it might take a breather around 17,400 before marching towards 17,600 levels. Amid all positivity, participants shouldn’t go overboard and maintain their focus on stock selection,” he added.

The top gainers on the Nifty included Reliance Industries, Nestle India, Infosys, ICICI Bank and Tata Motors, while losers included Apollo Hospitals, Adani Ports, Sun Pharma, Asian Paints and Bajaj Finance.

All sectoral indices ended in the green. The information technology index up 2.5 percent, while auto, bank, FMCG, capital goods, realty and oil & gas up a percent each.

The rupee appreciated 17 paise to 82.17 against the US dollar on Friday as foreign capital inflows and a rally in domestic stocks bolstered investor sentiment.

Foreign Portfolio Investors (FPIs) were net buyers on Wednesday as they bought equities worth 1,245.39 crore, according to exchange data.

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