The conclusion of the fiscal year 2023-24 saw the benchmark equity indices Sensex and Nifty finishing on a bullish trajectory, fueled by robust buying activity in sectors such as power, auto, and banking, alongside favorable global market trends. Here’s a detailed overview of the market’s performance as the fiscal year came to a close.
Sensex and Nifty Performance
The Sensex, comprising 30 major stocks, showcased strong gains on the final trading day of the fiscal year, surging by 655.04 points or 0.90% to settle at 73,651.35. During the trading session, it reached a high of 74,190.31, marking a significant rally.
Similarly, the NSE Nifty, representing 50 major stocks on the National Stock Exchange, climbed by 203.25 points or 0.92% to close at 22,326.90, reflecting the overall positive sentiment in the market.
Fiscal Year Performance
For the entire fiscal year 2023-24, the BSE benchmark witnessed a notable surge of 14,659.83 points or 24.85%, while the Nifty soared by 4,967.15 points or 28.61%, indicating a robust performance across the board.
Sectoral Highlights
Key sectors such as power, auto, and banking witnessed heavy buying, contributing significantly to the market’s bullish momentum. Notable gainers included Bajaj Finserv and Bajaj Finance, spurred by reports of Bajaj Housing Finance planning to go public. Other major gainers encompassed Nestle, State Bank of India, Power Grid, Tata Steel, Larsen & Toubro, and Mahindra & Mahindra.
Market Trends
In the global context, Asian markets like Shanghai and Hong Kong closed positively, while Tokyo and Seoul ended lower. European markets showed a predominantly positive trend, and Wall Street closed higher, with the S&P 500 reaching a record high of 5,248.49.
Institutional Activities
Foreign Institutional Investors (FIIs) played a notable role, injecting substantial funds into Indian equities, with purchases worth Rs 2,170.32 crore recorded on Wednesday, as per exchange data.
Expert Insights
Vinod Nair, Head of Research at Geojit Financial Services, commented on the day’s market closure, highlighting the optimism driven by increased buying activities across retail, Domestic Institutional Investors (DIIs), and FIIs.
Commodities Market
The global oil benchmark, Brent crude, saw a modest increase of 0.42% to USD 86.40 per barrel, adding to the overall market dynamics.
With markets closed on Friday for ‘Good Friday,’ investors and analysts are keenly observing these trends as they anticipate the next phase of market movements and investor sentiment in the upcoming fiscal year.
Leave a Reply