TAKING STOCK: MARKET NEARS RECORD HIGH ON FINAL TRADING DAY OF FY24
The market posted solid gains on the last day of FY24 and extended the winning run on the second consecutive session on March 28 (F&O expiry day) led by buying across the sectors.
At close, the Sensex was up 655.04 points or 0.90 percent at 73,651.35, and the Nifty was up 203.20 points or 0.92 percent at 22,326.90.
After a positive start, the market expanded the gains as the day progressed and went closer to their record levels with Nifty and Sensex crossing 22,500 and 74,000 levels, intraday, however, the final-hour selling erased some of the gains.
The biggest gainers on the Nifty included Bajaj Finserv, Grasim Industries, Hero MotoCorp, Bajaj Finance and Eicher Motors, while losers were Shriram Finance, Tech Mahindra, Axis Bank, Reliance Industries and Britannia Industries.
All the sectoral indices ended in the green with auto, healthcare, metal, power, capital goods up 1 percent each, while oil & gas, Information Technology, bank, realty, and FMCG gained 0.5 percent each.
The BSE midcap index added 0.6 percent and the smallcap index was up 0.3 percent.
The market will remain shut on March 29 on account of Good Friday.
For the week, BSE Sensex and Nifty rose 1 percent each.
For the March F&O series and for a month, the Nifty50 index gained 1.6 percent, while in the FY24 the index surged by 28.6 percent.
The BSE Sensex recorded a gain of 1.6 percent for March 2024, while in FY23-24 the index rose nearly 25 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in SAIL, Adani Enterprises and Cipla.
A long build-up was seen in Bajaj Finance, Grasim Industries and Ipca Lab, while a short build-up was seen in Persistent Systems, Oberoi Realty and IDFC First Bank.
More than 100 stocks touched their 52-week high on the BSE, including ABB India, Adani Ports, Arvind SmartSpaces, Bharat Bijlee, Century Textiles and Industries, Chalet Hotels, Cummins India, Grasim Industries, IFB Industries, Indus Towers, Info Edge, Kalyan Jewellers, L&T, Oracle Financial Services, Sanghvi Movers, Siemens, among others. Click to view full list
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Outlook for April 1
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty rallied significantly, surpassing the 22,500 mark after maintaining momentum beyond 22,100. Furthermore, there's a clear breakout in consolidation on the daily timeframe, signaling rising optimism. Nevertheless, the Nifty encountered initial resistance near its previous swing high of 22,526. Consequently, to sustain a continued rally, it must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support.
Prashanth Tapse, Senior VP (Research), Mehta Equities
While markets may witness wild fluctuations due to valuations of benchmark indices being in an expensive zone, the undertone still remains bullish as investors are willing to bet big on equity assets for the next financial year too.
While focus will shift to full year earnings from next month, sectors like banking and IT companies will be in focus going ahead. Although corrections at every interval will provide investors an opportunity to revisit mid & small-cap stocks, large-cap stocks could attract more attention going ahead.
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2024-03-28T10:23:19Z dg43tfdfdgfd