Sensex ends 655 pts higher, Nifty reclaims 22,300; SBI, Bajaj twins shine

Market wrap on March 28, 2024: In the process, the BSE Sensex ended FY24 with a gain of 25 per cent, while the NSE Nifty 50 zoomed almost 29 per cent.

Stock market highlights: Barring the last-hour profit-taking, equity benchmark indices displayed immense strength in Thursday's trading session led by gains in financial and capital goods stocks.

The S&P BSE Sensex rallied to a high of 74,190, but pared gains in the final hour, and eventually settled at 73,651 - up 655 points. In the process, the BSE index ended March with a gain fo 1.6 per cent, and was up nearly 25 per cent for the financial year 2023-24.

On Friday, the markets will be closed for trading on account of Good Friday holiday.

ALSO READ: 110 stocks from BSE 500 index more-than-doubled in FY24

The NSE Nifty 50 touched a high of 22,516, but finally ended with a gain of 203 points at 22,327. In the process, the Nifty zoomed 29 per cent in FY24. As many as four Nifty 50 stocks more-than-doubled this year.

ALSO READ: Strategies for Nifty50 stocks that doubled in FY24

Analysts attributed the rally in the market to strong domestic inflows over the last few trading days, and also shift in focus towards large-cap stocks after Sebi's crackdown against small-caps. READ MORE

Among individual stocks, Bajaj Finserv and Bajaj Finance surged over 3 per cent amid buzz that the later may come out with its housing arm IPO, at a valuation of Rs 80,000-85,000 crore. READ MORE

SBI, Nestle India, Mahindra & Mahindra, Tata Steel, Power Grid Corporation and NTPC were the other major gainer among the Sensex 30 pack. On the other hand, Axis Bank and Reliance Industries finished with notional losses.

In the broader market, the BSE MidCap index gained 0.6 per cent, while the SmallCap added 0.3 per cent.
 

3:54 PM

Tech View: Nifty breakout on daily timeframe signals optimism

The Nifty has 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.

View by: Rupak De, Senior Technical Analyst, LKP Securities

3:51 PM

View: Indian equities end fiscal year on an optimistic note

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.

Views by: Vinod Nair, Head of Research, Geojit Financial Services

3:47 PM

Nifty PSU Bank, Auto lead sectoral gains

3:44 PM

BSE Midcap and Smallcap end with nominal gains

3:40 PM

Nifty top gainers and losers

3:38 PM

Sensex heatmap check

3:36 PM

Closing Bell: Nifty surges above 22,300

3:33 PM

Closing Bell: Sensex settles 655 pts higher

3:07 PM

110 stocks from BSE 500 index more-than-doubled in FY24

One out of five stocks or 110 scrips from the S&P BSE 500 index have more-than-doubled in the financial year 2024 (FY24), while the benchmark indices were set to report their best performance in the past three fiscals. The primary catalyst for the equities rally is the huge liquidity flows into the market. The S&P BSE 500 index zoomed 39 per cent thus far in FY24. Read more

2:41 PM

Astra Microwave Products rallies 14% on winning Rs 386 cr order from BEL

Shares of Astra Microwave Products (Astra) rallied 14 per cent to Rs 621.95 in Thursday's intra-day trade after the company bagged orders worth Rs 385.58 crore for supply of MPR sub-systems from Bharat Electronics Limited (BEL), Ghaziabad.

At 02:06 pm; Astra was trading 11 per cent higher at Rs 606.75, as compared to 1.3 per cent rise in the S&P BSE Sensex. The stock had hit a record high of Rs 690 on February 9. Read more

 

2:29 PM

Nifty Auto gains over 2%

2:24 PM

Kotak Mahindra Bank acquires 100% stake in Sonata Finance for Rs 537 crore

2:09 PM

Filing: Astra Microwave Products bags orders worth Rs 385.58 cr from Bharat Electronics

On Thursday, Astra Microwave Products revealed in an exchange filing that it has bagged orders worth Rs.385.58 crores for

supply of MPR sub-systems from Bharat Electronics Limited, Ghaziabad.

2:06 PM

Nifty Healthcare up 1.5%

1:44 PM

Sensex zooms over 950 pts, Nifty atop 22,400; 4 reasons behind the rally

Indian stock markets witnessed a strong rally in Thursday's trading session, which happens to be also the last trading session for the week, month and the financial year.

The S&P BSE Sensex rallied nearly 1,000 points as it touched an intra-day high of 79,984. At 1:15 PM, the BSE benchmark quoted around 73,900, up 900 points. Read more