Markets end last trading day of FY23 in style; Sensex Nifty rally

Mumbai: Benchmark indices Sensex and Nifty ended the last day of 2022-23 fiscal with nearly 2 per cent jump on Friday in line with firm trends in the global markets and heavy buying in index major Reliance Industries.Fresh foreign fund inflows also added to the positive momentum in the equity market.

The 30-share BSE Sensex zoomed 1,031.43 points or 1.78 per cent to finish at 58,991.52. During the day, it jumped 1,108.38 points or 1.91 per cent to 59,068.47.The broader NSE Nifty climbed 279.05 points or 1.63 per cent to end at 17,359.75.

"Markets saw a perfect ending to FY23 as charged bulls went berserk on Dalal Street thus propelling both the benchmark indices to close above the psychological mark. The rally was long overdue as fading worries over the recent turmoil in the US and European banking industry prompted investors to latch upon the beaten down stocks.

"Also, falling US bond yields and the return of FIIs into the local markets in recent sessions have bolstered the market sentiment," said Amol Athawale, Deputy Vice President - Technical Analyst, Kotak Securities Ltd.

Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over 4 per cent. Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank were the other major winners.

Sun Pharma, Asian Paints, Bajaj Finance and Titan were the laggards.

In Asian markets, Seoul, Japan, Shanghai and Hong Kong ended in the green.

European markets were trading with gains during the afternoon trade. The US markets ended in positive territory on Thursday.

"As the financial year drew to a close, the market witnessed an upward trend marked by bullish moves in the banking and IT sectors driven by robust global cues. Notably, an increased interest from foreign institutional investors due to the moderation in Indian stock valuations also aided," said Vinod Nair, Head of Research at Geojit Financial Services.

Indian equity markets were closed on Thursday on account of 'Ram Navami'.

The 30-share BSE benchmark advanced 346.37 points or 0.60 per cent to finish at 57,960.09 on Wednesday. The Nifty climbed 129 points or 0.76 per cent to end at 17,080.70.

On Friday, in the broader market, the BSE smallcap gauge jumped 1.35 per cent and midcap index climbed 0.96 per cent.

All ended in the green, with IT climbing 2.52 per cent, teck jumped 2.21 per cent, bankex (1.72 per cent), realty (1.64 per cent), energy (1.61 per cent) and financial services (1.45 per cent).

A total of 2,392 firms advanced, while 1,166 declined and 120 remained unchanged.

In the entire 2022-23 fiscal, the BSE Sensex climbed 423.01 points or 0.72 per cent.

However, the BSE smallcap gauge fell 1,258.64 points or 4.46 per cent and the midcap index dipped marginally by 42.38 points or 0.17 per cent in 2022-23 fiscal.

Meanwhile, global oil benchmark Brent crude dipped 0.11 per cent to USD 79.18 per barrel.

Foreign Portfolio Investors (FPIs) were net buyers on Friday as they bought equities worth Rs 357.86 crore, according to exchange data.