Markets end FY24 with strong double-digit gains
In FY24, Sensex jumps 14,659.83 pts or 24.85%; Nifty soars 4,967.15 pts or 28.61%
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Indian equities closed the day and fiscal year on an optimistic note. An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25 - Vinod Nair, Head of Research, Geojit Financial Services
Mumbai: Benchmark equity indices Sensex and Nifty rallied for the second straight session on Thursday to end the 2023-24 fiscal on a bullish note, powered by across-the-board buying amid a bullish trend in global equities. Power, auto and metal stocks witnessed robust demand, even as a depreciating rupee weighed on sentiment, traders said.
Extending its previous day’s rally, the 30-share index jumped 655.04 points or 0.90 per cent to settle at 73,651.35. During the day, it zoomed 1,194 points or 1.63 per cent to 74,190.31. The NSE Nifty climbed 203.25 points or 0.92 per cent to end at 22,326.90.
On a weekly basis, the BSE benchmark climbed 819.41 points or 1.12 per cent, and the NSE Nifty advanced 230.15 points or 1.04 per cent. In the 2023-24 financial year, Sensex jumped 14,659.83 points or 24.85 per cent, while the Nifty soared 4,967.15 points or 28.61 per cent.
“Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories. The mid-and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month. An upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term,” Vinod Nair, Head of Research, Geojit Financial Services, said.
Bajaj Finserv was the top gainer in the Sensex chart, rising nearly 4 per cent, followed by Nestle, State Bank of India, Power Grid, Tata Steel, Larsen & Toubro and Mahindra & Mahindra. Shares of Bajaj Finance and Bajaj Finserv jumped amid media reports that subsidiary Bajaj Housing Finance was planning to go public.
