Stock Market Ends FY23 On A High: Sensex Zooms 1,031 Points, Nifty Reclaims 17,350. Reliance Up 4%

Stock update: On the 30-share Sensex platform, Reliance went up 4.29 per cent, followed by Nestle, Infosys, ICICI Bank, Tata Motors, TCS emerged notable winners

The two key equity benchmarks, Sensex and Nifty, on Friday clocked solid gains on the last trading day of the FY22-23, as apprehensions over the US banking crisis receded.

The S&P BSE Sensex closed at 58,991, up 1,031 points. The Sensex rallied to a high of 59,068 led by index heavyweights – Reliance Industries, ICICI Bank, and Infosys. On the other hand, the NSE Nifty 50 hit a high of 17,382, and settled 279 points higher at 17,360. The 50-share index advanced 0.3 per cent in March, but was down 0.6 per cent for the fiscal year 2022-23.

On the 30-share Sensex platform, Reliance went up 4.29 per cent, followed by Nestle, Infosys, ICICI Bank, Tata Motors, TCS emerged notable winners. On the flip side, only four scrips, Sun Pharma, Asian Paints, Bajaj Finance, and Titan were the only four laggards on Friday.

In the broader markets, the BSE Midcap and the Smallcap indices rose 1 per cent each.

All sectoral indices ended in the green. The information technology index up 2.5 per cent, while auto, bank, FMCG, Capital Goods, Realty, and Oil & Gas up a per cent each.

In the previous session on Wednesday, the BSE Sensex ended at 57,960, up 346 points (0.6 per cent), after trading between 57,524 and 58,122 during the day. On the other hand, the Nifty50 settled at 17,081, up 129 points (0.76 per cent). Stock markets were closed on Thursday on account of Ram Navami.

"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. 

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.

Global oil benchmark Brent crude dipped 0.11 per cent to $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.

Meanwhile, the rupee appreciated 17 paise to 82.17 against the US dollar on Friday as foreign capital inflows and a rally in domestic stocks bolstered investor sentiment. Besides, easing global crude oil prices and rising appetite for riskier assets also supported the domestic unit, forex traders said.

However, a strong dollar against major rivals overseas ahead of US inflation data capped the rupee's gain, they added. At the interbank foreign exchange market, the domestic unit opened strong at 82.12 and touched an intra-day high of 82.09 and a low of 82.26 against the greenback. The local unit quoted at 82.17 at 1530 hrs, registering a gain of 17 paise over its previous close of 82.34.