Sunday, June 23, 2024

Share Markets close higher on the first of FY23: Sensex recaptures 59k mark

India’s share markets welcomed the new financial year with smart gains on Friday. The stellar performance from index majors such as HDFC twins and Reliance Industries combined with foreign fund inflows helped Sensex recover 708 points to recapture the crucial 59000 mark.

The Sensex jumped 828.11 points or 1.41% to 59,396.62 during the day and settled at 59,276.69, while NSE Nifty rallied 205.70 points at a 1.18% rise, settling at 17.670.45.

NTPC, PowerGrid, State Bank of India, HDFC, IndusInd Bank, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank from the 30-share Sensex pack were the star players during the first trading session of the new financial year. While shares of Tech Mahindra, Sun Pharma, Dr Reddy’s, Titan and Infosys remained sluggish.

What about other stock markets?

Talking about other Asian stock exchanges, Seoul and Tokyo ended lower, while Shanghai and Hong Kong too performed well.

European stock exchanges mainly were trading higher, while the overnight trading session of the US stock exchanges ended on a negative note.

Talking about the over market sentiments this week, Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, “Indian equity markets gave positive returns this week. Globally too, equity markets remained broadly resilient, led by optimism on progress in Russia-Ukraine negotiations,”

“On the other hand, commodities saw some correction from the recent highs. In India, markets saw broad-based gains with most sectoral indices giving positive returns”, he added.

Speaking on the current inflation in the Crude Oil market, he said, ” Crude oil prices corrected this week, and that is some positive for import-dependent countries including India,”

Notably, the international oil benchmark Brent crude jumped 0.22% to USD 104.94 per barrel.

Reason behind good opening:

As per the stock exchange data, Foreign Institutional Investors (FIIs) bought shares worth Rs 3,088.73 crore on the last day of the previous financial year. This move had set the momentum for the opening day of the new financial year. For 2021-22 fiscal, the BSE Sensex jumped 9,059.36 points or 18.29%, while the Nifty rallied 2,774.05 points or 18.88%.

Additionally, the official data suggested that the production of eight infrastructure sectors expanded by 5.8% in February, the sharpest growth in the last four months, on the back of better output of coal, natural gas, refinery products and cement industries.

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