Sensex settled 0.88 per cent or 639 points higher at 73,635 points, and Nifty 0.92 per cent or 203 points at 22,326 points…reports Asian Lite News
Indian stock market indices closed the financial year 2023-24 on a firm note, with Sensex and Nifty rising in the range of 0.8-0.9 per cent on Thursday, backed by firm economic growth forecasts by various global watchdogs and political stability at the federal level.
Sensex settled 0.88 per cent or 639 points higher at 73,635 points, and Nifty 0.92 per cent or 203 points at 22,326 points. Among the widely-tracked Nifty 50 stocks, 45 advanced and the rest 5 declined today, NSE data showed.
On Friday, the market will remain shut for Good Friday. On Monday too, the stock exchanges were closed on account of Holi.
Today, the equity market extended gains and almost retested the record high. Over the past 12-month, the indices accumulated about 27-31 per cent return on investment for the investors.
“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,” said Vinod Nair, Head of Research, Geojit Financial Services.
“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.”
Emkay Institutional Equities, a part of Emkay Global Financial Services Limited, maintains its stance of Nifty to remain at 24,000 level. Emkay expects the market to rebound in 3-6 months, when SMIDs (Small and Mid Caps) would start to outperform again.
For the time being, Ajit Mishra, SVP – Technical Research, Religare Broking suggests continuing focus on stock selection, with a preference for the index majors and large midcaps.
Back home, foreign portfolio investors continue to remain net buyers in India. This also buoyed the stocks.
Foreign portfolio investors who had aggressively sold Indian stocks and turned net sellers in the Indian equity market in January 2024 became net buyers in February and March. This has also likely buoyed the stocks of late.
In March, they bought stocks in India worth Rs 31,056 crore, the latest data from the National Securities Depository Limited (NSDL) showed.
Separately, the Beta version of optional T+0 settlement, for a limited set of 25 shares, started today. The T+0 system means that the settlements must be done within the same day, of the completion of a transaction.
The Board of the SEBI will review the progress at the end of three months and six months from the date of this implementation, and decide on further course of action. Currently, India follows the T+1 cycle, which means trades are settled by the next day. (ANI)
