Sensex soars 1,031 pts, ends FY23 0.7% up; Nifty regains 17,350; RIL shines

CLOSING BELL: Nestle India, Infosys and ICICI Bank were the other major gainers among the Sensex 30 on Friday, up over 3 per cent each.

4:30 PM

Comment :: Why it may be too soon to cheer Friday's market rally?

Indian markets played a catch-up rally with global markets, which had witnessed two consecutive days of the strong move, while Indian markets were closed yesterday due to a holiday. 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.

Views by: Naveen Kulkarni, Chief Investment Officer, Axis Securities

4:23 PM

Tech View :: 'There's a change in polarity on Nifty Bank'

The bulls came back strong and the index surpassed the hurdle of 40,000 with buying action throughout the day. The breakout confirms the positive momentum and one should keep a buy approach with immediate support at 40,200. The index closed above the past 10 days' high with a sharp surge in volumes which confirms the strength of the index. The index surpassed its 200 dma which acts as a change of polarity.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities

4:16 PM

Tech View :: Which sectors will lead the rebound in April?

Nifty witnessed continuation of positive momentum from the previous trading session and closed the day on with handsome gains of ~280 points. On the daily charts we can observe that the Nifty has managed to close above the 20 day moving average (17,214) which is a sign of strength. The daily momentum indicator has a positive crossover which is a signal. Thus, both price and momentum indicator is suggesting further upside. The index is likely to test the zone of 17,480 – 17,500 where resistance in the form of the 200 day moving average and the upper end of the falling channel is placed, A key observation to note here is that on the Monthly chart the Nifty has managed to close above the 20 Month moving average (17,351) which is a positive sign. In terms of price pattern it has formed a Doji pattern indicating a pause after falling for three consecutive months. During April Nifty is likely to witness a rebound with IT, Energy, Metals, Capital Goods and PSU banks leading from the front.

 

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas

4:08 PM

Comment :: 'Domestic investors await the RBI MPC meeting scheduled next week'

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, an 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.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:07 PM

Recap FY23: Five key events that shaped equity markets this fiscal year

Ukraine war: The world was just beginning to move past the damage done by Covid-19 when Russia’s invasion of Ukraine in February 2022 rattled hopes of any recovery. The next thing known was a sharp energy supply shortage as countries began to discontinue oil and gas imports from one of the largest producers–Russia. The supply crunch led to a spiralling spike in fuel, food and raw material prices with the US recording the highest inflation rate in the last 40 years. READ MORE

4:05 PM

Sensex soars over 1,000 points higher: Top factors behind Friday's bull run

Morgan Stanley upgrades India: Global brokerage firm, Morgan Stanley upgraded India to 'equal-weight' from 'neutral' due to narrowing valuation premiums and resilient economy. While analysts remain 'over-weight' on North Asia excluding Japan, they remain 'Under-weight' on ASEAN countries.

 

Sectorally, analysts remain overweight on financials and consumer discretionary, whereas they were equal-weight on healthcare. READ MORE

4:02 PM

Currency check :: Rupee ends at 82.17/$ against Wednesday’s close of 82.34/$

4:00 PM

BSE Stats :: Advance-Decline ratio at 5:2

3:57 PM

Defence stocks zoomed on multiple orders from givt; BEL leaps over 6%

Shares of defense companies rallied on the BSE on Friday after the Ministry of Defence (MoD) signed multiple contracts worth over Rs 35,000 crore with state-owned and private companies.

3:53 PM

Vedanta ends 2.5% down after block deal

3:52 PM

Kalyan Jewellers extends decline into second day

3:49 PM

Nestle sizzles over 3% amid Ching's buyout buzz

3:48 PM

Reliance Industries contribute a third of Sensex's gains today

>> Co moves the needle on demerger of Jio Financial Services; Board to meet on May 2 to approve the results

3:44 PM

Sector Watch :: Nifty Private bank index second best gainer, all 10 stocks rally

3:43 PM

Sector Watch :: Nifty IT surges the most as fears of global banking crisis ease

3:41 PM

Broader markets :: MidCaps trail in a firm market, SmallCap index rises over 1%

3:39 PM

Sectoral trends :: Nifty IT leads the broad-based rally

3:38 PM

Sensex Heatmap :: 4 stocks end lower in a strong market including Titan, Bajaj Finance

3:36 PM

CLOSING BELL :: Nifty reclaims 17,350 on last day on FY23

3:33 PM

CLOSING BELL :: Sensex's 1,031-pt rally on Friday helps erase losses for FY23

>> Index gains 0.7% in FY23

3:23 PM

Global Check:: US, UK stock futures up marginally

Source: Investing.com

3:13 PM

Recap: Five key events that shaped equity markets in FY23

The turbulence in FY23 can be attributed to a concoction of interest rate hikes, foreign investment outflows, a global war, soaring food, fuel prices and a global banking crisis. READ MORE

3:11 PM

ALERT :: Euro-zone core CPI hits all-time high

2:57 PM

Vedanta slips 2% in a strong market after nearly 2% equity changes hands

A combined 69 million shares, representing 1.86 per cent of total equity of Vedanta, have changed hands on the NSE and BSE so far. READ MORE

2:47 PM

Adani Group relocating key roles at ACC, Ambuja Cements to Ahmedabad: Report

People holding leadership roles are now based out of Ahmedabad but their teams are working from Mumbai and the teams have to spend a substantial time travelling back and forth between the cities. READ MORE

2:35 PM

Sebi considers bringing in new expense structure for mutual funds

Sebi is also exploring a new incentive structure, which will reward distributors bringing new investors to the industry, irrespective of the location of the investor. READ MORE

2:23 PM

Revenue growth of IT firms in FY24 to be 7-9% lower than FY23: CRISIL

The key reason for the sharp fall in revenues is the slowdown in the BFSI segment, which accounts for 30% of the sector's revenues. READ MORE

2:14 PM

Sensex soars over 1,000 points higher: Top factors behind Friday's bull run

Analysts, however, remain cautious over sustenance of this recent rebound as markets will face a slew of data driven activity in the coming days. READ MORE

2:01 PM

Astec Lifesciences zooms 37% in two days on heavy volumes

With the rally in the past two days, the stock has bounced back 40 per cent from its 52-week low of Rs 1,050 touched recently on Tuesday, March 28. READ MORE

1:48 PM

Infinium, MOS, Exhicon, Sancode IPOs to be launched today; check details

All the IPOs belong to the Small and Medium Enterprises (SME) segment. Two of these IPOs, Infinium Pharmachem and MOS Utility will be launched on the NSE Emerge platform. In contrast, Sancode Technologies and Exhicon Events Media Solutions will be launched on the BSE SME platform. READ MORE