Sensex Today: Apart from the last-hour profit-taking, equity benchmark indices displayed immense strength in Thursday’s trading session led by gains in financial and capital goods stocks.
The S&P BSE Sensex rallied to a high of 74,190, but pared gains in the final hour, and eventually settled at 73,651 – up 655 points. In the process, the BSE index ended March with a gain fo 1.6 per cent, and was up nearly 25 per cent for the financial year 2023-24.
The NSE Nifty 50 touched a high of 22,516, but finally ended with a gain of 203 points at 22,327. In the process, the Nifty zoomed 29 per cent in FY24. As many as four Nifty 50 stocks more-than-doubled this year.
Analysts attributed the rally in the market to strong domestic inflows over the last few trading days, and also shift in focus towards large-cap stocks after Sebi’s crackdown against small-caps.
Among individual stocks, Bajaj Finserv and Bajaj Finance surged over 3 per cent amid buzz that the later may come out with its housing arm IPO, at a valuation of Rs 80,000-85,000 crore.
SBI, Nestle India, Mahindra & Mahindra, Tata Steel, Power Grid Corporation and NTPC were the other major gainer among the Sensex 30 pack. On the other hand, Axis Bank and Reliance Industries finished with notional losses.
In the broader market, the BSE MidCap index gained 0.6 per cent, while the SmallCap added 0.3 per cent.
Global Cues
In Asia this morning, Nikkei slipped 1.3 per cent. Kospi and Taiwan declined 0.5 per cent each. Hang Seng and Shanhgai too were marginally in red.
Overnight in the US, benchmark indices snapped their 3-day losing streak and ended with notable gains ahead of the much anticipated Personal Consumption Expenditure Price Index (PCE) data on Friday. Dow Jones rallied over 1 per cent, the S&P 500 and Nasdaq gained 0.9 per cent and 0.5 per cent, respectively.
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