Indian equity benchmarks closed the final trading day of financial year 2022-23 (FY23) on a higher note, led by gains in technology, banks, energy and financials. The domestic indices climbed today in line with the global markets. Asian shares settled higher, posting decent gains.
The 30-share BSE Sensex pack jumped 1,031 points or 1.78 per cent to close at 58,992; while the broader NSE Nifty index moved 279 points or 1.63 per cent higher to settle at 17,360. Mid and smallcap shares finished on a strong note, with the Nifty Midcap 100 up 0.87 per cent and Nifty Smallcap 100 rising 1.61 per cent. Fear index India VIX dived 5.08 per cent to 12.94.
Buying interest in select index heavyweights such as Reliance Industries, Infosys, HDFC twins (HDFC and HDFC Bank), and Tata Consultancy Services (TCS) lifted the indices higher.
All the 15 sectoral indices on NSE settled in the green. Nifty IT, Nifty Bank, Nifty Oil & Gas and Nifty Financial Services outperformed the index by rising 2.45 per cent, 1.75 per cent, 1.74 per cent and 1.49 per cent, respectively.
“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, increased interest from foreign institutional investors due to the moderation in Indian stock valuations also aided. While the US market awaits the release of personal consumption expenditures data, which is considered a crucial indicator for forecasting the Federal Reserve’s future actions, domestic investors await the RBI MPC meeting scheduled next week,” said Vinod Nair, Head of Research at Geojit Financial Services.