Markets start FY23 with solid gains; Sensex jumps 708pts, Nifty tops 17,650

CLOSING BELL: Sectorally, the Nifty PSU Bank index jumped 4 per cent on the bourses with Union Bank, Bank of India, Canara Bank, and Bank of Maharashtra adding over 4 per cent each

Illustration by Binay Sinha

CLOSING BELL

It was a one-way rally on Dalal Street on Friday as investors started the first day of the new financial year (FY23) with across-the-board buying. The frontline S&P BSE Sensex zoomed 708 points, or 1.2 per cent, to settle at 59,277. The Nifty50, meanwhile, soared 206 points or 1.2 per cent to end at 17,670.

The broader indices, too, advanced in-line with large-caps with the BSE MidCap and SmallCap indices climbing 1.4 per cent and 1.7 per cent, respectively.

NTPC, PowerGrid, IndusInd Bank, SBI, HDFC, M&M, HDFC Bank, Bajaj Finance, Wipro, Axis Bank, Maruti Suzuki, and ITC were the biggest Sensex gainers, surging in the range of 1.5 per cent to 6 per cent.

On the downside, only Tech M, Dr Reddy's Labs, Sun Pharma, Titan, and Infosys were the drags, down up to 0.7 per cent.

In the broader market space, Adani Power, BHEL, Bajaj Holdings, RBL Bank, SML Isuzu, Sahyadri Industries, Mrs Bectors Foods, and Spandana Sphoorty leaped between 5 per cent and 10 per cent.

Sectorally, the Nifty PSU Bank index jumped 4 per cent on the bourses with Union Bank, Bank of India, Canara Bank, and Bank of Maharashtra adding over 4 per cent each.

The Nifty Bank, Private Bank, Media, Financial Services, Realty, and FMCG indices, meanwhile, added between 1.5 per cent and 2 per cent.

Global markets

European markets nudged higher to start the second quarter on Friday, with talks between Russia and Ukraine continuing to guide investor sentiment. The pan-European Stoxx 600 added 0.4 per cent in early trade, with banks and retail climbing 1.3 per cent to lead gains.

On Wall Street, Futures linked to all the three main indices were up 0.4 per cent each.

4:12 PM

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

Nifty moved up smartly after a consolidation of two days. The price moved above the previous swing high confidently, suggesting a rise in optimism. Going ahead, the trend is expected to remain positive. On the higher end, the price has resistance at 17750-17800; above 17800, the price may move towards 18000. On the lower end, support is visible at 17500.

4:11 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The stock market kicked off FY23 on a positive note. It started the day muted and in-line with global markets but strengthen as the day progressed as the broad market picked up and buying increased in sectors like Banks, Power & Realty. Cabinet approval for mega power policy, drop in crude and improvement in global futures ignited the rally. Russia- Ukraine war, movement of crude and RBI monetary policy meetings would be the major factors that will dictate the near trend.

4:10 PM

European markets edge higher in trade

4:08 PM

US equity futures trade on a positive note

4:07 PM

Brent crude cools off to $104 a barrel

3:57 PM

Closing bell: 1,750 stocks advanced while 335 declined

3:54 PM

Closing bell: Hero Moto, Tech Mahindra, Divi's Lab top Nifty 50 losers

3:53 PM

Closing bell: NTPC, BPCL, Powergrid top Nifty 50 leaders

3:49 PM

Closing bell: Smallcaps outperform Midcaps; India Vix plummets below 10%

3:47 PM

Closing bell: Nifty PSU Bank best sectoral performer; Union Bank spikes over 6%

3:45 PM

Closing bell: 25 out of 30 Sensex stocks close in green

3:44 PM

Closing bell: Banks, realty stocks in high demand

3:40 PM

Closing bell: Sensex closes in style above 59,200 levels

3:38 PM

Closing bell: Fabulous Friday! Nifty 50 closes above 17,600 levels

3:17 PM

World stocks dip on war, recession worries, oil falls $2 on reserve release

World stocks dipped further from recent six-week highs on Friday on worries about the Russia-Ukraine war and recession risks, and oil fell $2 a barrel on reserve releases. READ MORE HERE

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Topics : Sensex MARKET LIVE MARKET WRAP Markets Nifty BSE NSE stock markets Dalal Street Russia Ukraine Conflict SGX Nifty Oil Prices Vedanta Lupin Future Retail

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First Published: Apr 01 2022 | 8:09 AM IST