Muristek
Mumbai, April 1
Equity markets made a robust start to the new financial year on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark on across-the-board buying amid a supportive trend overseas.
Foreign fund inflows and positive macroeconomic signals added to the momentum, traders said.
On the first trading day of FY23, the BSE barometer surged 708.18 points to settle at 59,276.69. During the day, it jumped 828.11 points to 59,396.62. The broader NSE Nifty advanced 205.70 points to finish at 17,670.45.
NTPC hogged the limelight in the 30-share Sensex pack, spurting 5.93%, followed by PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra amp; Mahindra, HDFC Bank, Bajaj Finance and Maruti.
Only five constituents closed lower — Tech Mahindra, Sun Pharma, Dr Reddy's, Titan and Infosys — slipping up to 0.80%.
"The stock market kicked off FY23 on a positive note. It started the day muted and in-line with global markets but strengthened as the day progressed as the broad market picked up and buying increased in sectors like banks, power and 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," said Vinod Nair, Head of Research at Geojit Financial Services.
On a weekly basis, the Sensex zoomed 1,914.49 points while the Nifty climbed 517.45 points.
"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.
"Crude oil prices corrected this week and that is some positive for import dependent countries including India," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.
In the broader market, the BSE smallcap index jumped 1.71% and the midcap gauge gained 1.39% in Friday's session. Among BSE sectoral indices, utilities (3.44%), power (3.16%), oil amp; gas (2.73%) and realty (2.34%) were the lead gainers. — PTI
SENSEX SURGES 708.18 POINTS RECLAIMS 59,000-MARK CLOSES AT 59,276.69 NSE Nifty rose 205.70 points to settle at 17,670.45 points NTPC highest gainer followed by PowerGrid, IndusInd Bank, SBI, HDFC and Mamp;M