Investors get richer by ₹3.48 lakh crore on last trading day of FY23
1 min read 31 Mar 2023, 04:27 PM ISTFrom the Sensex pack, Reliance Industries emerged as the biggest gainer as it jumped over 4 per cent
PremiumThe market ended on a strong footing on the last day of financial year 2022-23 with benchmark indices Sensex and Nifty surging nearly 2 per cent led by buying across sectors. Friday's bull run helped the benchmarks snap a three-month losing streak.
The Nifty 50 index closed 1.63 per cent higher at 17,359.75. The S&P BSE Sensex jumped 1.78 per cent to 58,991.52. Both the indexes logged their best day in since 11 November.
Such was the rise in the domestic bourses that equity investors became richer by ₹3.48 lakh crore in a single day. The market capitalization of BSE-listed firms rose by ₹3,47,963 crore to ₹2,58,19,896 crore as compared with a valuation of ₹254.71 lakh crore recorded on Wednesday.
"Though we have seen a decent rally in the markets this week, we believe that markets may remain volatile in the near term, as the banking crisis in US and Europe has not yet stabilized completely. This is against the backdrop where bond yields in the US have also risen in the past week, which could further escalate banking issues there," said Naveen Kulkarni, Chief Investment Officer, Axis Securities.
FIIs, DIIs bought shares
Fresh foreign fund inflows also added to the positive momentum in the equity market. FIIs and DIIs bought shares worth ₹1,245 crore and ₹823 crore, respectively, on 29 March.
From the Sensex pack, Reliance Industries emerged as the biggest gainer as it jumped over 4 per cent. Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank were the other major winners.
Sun Pharma, Asian Paints, Bajaj Finance and Titan were the laggards.
"Markets ended the last session of the financial year on a high note, tracking firm global markets and supportive local cues. After the gap-up start, Nifty extended the positive tone as the session progressed and finally settled at 17,359.75 levels; up by 1.63%. All sectors contributed to the move wherein energy, IT and banking deserve special mention. In line with the trend, the market breadth was also inclined strongly on the advancing side," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
Investors are awaiting a set of macroeconomic readings, including current account data and external debt.
