Markets conclude FY24 strongly with Sensex surging 655 Points on positive global signals

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.

Nestle, State Bank of India, Power Grid, Tata Steel, Larsen & Toubro and Mahindra & Mahindra were the other major gainers.

In contrast, Tech Mahindra, Axis Bank and Reliance Industries were the laggards.

In the broader market, the BSE midcap gauge jumped 0.62 per cent and smallcap index climbed 0.33 per cent.

All indices ended in the positive territory. Power jumper 1.69 per cent, capital goods rallied 1.54 per cent, utilities (1.29 per cent), auto (1.19 per cent), healthcare (1.18 per cent), industrials (1.12 per cent), commodities (0.95 per cent), consumer discretionary (0.94 per cent) and telecommunication (0.64 per cent).

"Market extended gains and almost retested the record high, tracking favourable cues. After the initial uptick, Nifty moved from strength to strength for most of the session. However, a sharp dip in the final hour trimmed the gains," Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.

In Asian markets, Shanghai and Hong Kong settled in the positive territory while Tokyo and Seoul ended lower.

European markets were trading mostly in the green. Wall Street ended higher on Wednesday. The S&P 500 climbed 0.9 per cent to a record 5,248.49 in its first gain since setting its last all-time high on March 21.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,170.32 crore on Wednesday, according to exchange data.

The rupee depreciated 6 paise to settle at 83.39 against the US dollar on Thursday.

Global oil benchmark Brent crude climbed 0.42 per cent to USD 86.40 a barrel.

The BSE benchmark climbed 526.01 points or 0.73 per cent to settle at 72,996.31 on Wednesday. The NSE Nifty went up by 118.95 points or 0.54 per cent to 22,123.65.