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Post Session: Quick Review
Mar-28-2024

Indian benchmarks extended their previous session’s gains on final trading day for the current fiscal year and ended with gains of around one percent. However, in last leg of trade, markets came off from day’s high levels amid monthly F&O expiry. All the sectoral indices on the BSE ended in green. As for broader indices, the BSE Mid cap index and Small cap index ended in green. 

Markets made positive start and widened their gains following firm cues from the US markets overnight. Further, foreign fund inflows also supported sentiments. Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore on March 27, provisional data from the NSE showed. Sentiments got boost as Union Finance Minister Nirmala Sitharaman said the government will continue the push on its reforms agenda in its third term since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals. Indices remained higher in afternoon session as Chairman of the 16th Finance Commission Arvind Panagariya said that India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. Traders took a note of the Finance Ministry’s statement that the Centre plans to raise Rs 7.5 lakh crore through market borrowing in the April-September period of 2024-25 (H1FY25) to fund the revenue gap. In the next financial year (FY25), the government plans to borrow a total of Rs 14.13 lakh crore. However, in late afternoon session, markets witnessed some profit booking amid last trading day of week, month and current fiscal year.

On the global front, European markets were trading higher heading into the long Easter weekend break, on a boost from energy stocks, while the benchmark index was on course to end a second consecutive quarter in the green. Asian markets ended mostly in red after a Federal Reserve official floated the idea of delaying or reducing interest rate cuts, while the markets are closed on Good Friday. Back home, India's executive director at International Monetary Fund (IMF) Krishnamurthy Venkata Subramanian said Indian economy can grow at 8 per cent till 2047, if the country can redouble the good policies that it has implemented over the last 10 years and accelerate reforms.

The BSE Sensex ended at 73,651.35, up by 655.04 points or 0.90% after trading in a range of 73,120.33 and 74,190.31. There were 27 stocks advancing against 3 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.62%, while Small cap index was up by 0.33%. (Provisional)

The top gaining sectoral indices on the BSE were Power up by 1.69%, Capital Goods up by 1.54%, PSU up by 1.54%, Utilities up by 1.29% and Auto was up by 1.19%, while there were no losing sectoral indices on the BSE. (Provisional)

The top gainers on the Sensex were Bajaj Finserv up by 3.91%, Bajaj Finance up by 2.98%, Nestle up by 2.63%, SBI up by 2.55% and Power Grid up by 2.20%. On the flip side, Tech Mahindra down by 0.69%, Axis Bank down by 0.67% and Reliance Industries down by 0.55% were the top losers. (Provisional)

Meanwhile, Chairman of the 16th Finance Commission Arvind Panagariya has said India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. 

He said Prime Minister Narendra Modi worked hard over the past 10 years to make India a friendly place for businesses, so investment is coming in. He said ‘Today, the economy is open. In the next 2-3 decades, we can sustain a very rapid growth.’ India's economy grew at better-than-expected 8.4 per cent in the third quarter of FY24 -- the fastest in the past one-and-a-half years.

He stated ‘India is currently growing in real rupees at about 7 per cent or so per year. Certainly with a few more reforms in the next five years, we can realistically push it to close to 9 per cent, certainly somewhere at 8-9 per cent and that can be sustained easily for a couple of decades.’  

The CNX Nifty ended at 22,326.90, up by 203.25 points or 0.92% after trading in a range of 22,163.60 and 22,516.00. There were 43 stocks advancing against 7 stocks declining on the index. (Provisional)

The top gainers on Nifty were Bajaj Finserv up by 3.87%, Grasim Industries up by 3.62%, Hero MotoCorp up by 3.27%, Bajaj Finance up by 3.17% and Eicher Motors up by 2.70%. On the flip side, Shriram Finance down by 1.11%, Axis Bank down by 0.54%, Reliance Industries down by 0.47%, Tech Mahindra down by 0.45% and Britannia down by 0.18% were the top losers. (Provisional)

European markets were trading higher; UK’s FTSE 100 increased 33.5 points or 0.43% to 7,965.82, France’s CAC rose 27.29 points or 0.33% to 8,232.10 and Germany’s DAX was up by 28.64 points or 0.16% to 18,505.73.

Asian markets settled mostly lower on Thursday as investors cautiously awaiting US personal consumption expenditure (PCE) inflation data and Fed Chair Jerome Powell's speech to gauge the potential timing of monetary easing. Japanese shares declined, while Japanese yen languishes near 34-year lows. However, Hong Kong shares rebounded after Chinese President Xi Jinping promised more policy support to build a world-class business environment in China. 

Asian Indices

Last Trade            

Change in Points

Change in %      

Shanghai Composite

3,010.66

17.52

0.59

Hang Seng

16,541.42

148.58

0.91

Jakarta Composite

7,288.81

- 21.28

- 0.29

KLSE Composite

--

--

--

Nikkei 225

40,168.07

-594.66

-1.46

Straits Times

3,224.01

-27.70

-0.85

KOSPI Composite

2,745.82

-9.29    

-0.34

Taiwan Weighted

20,146.55

-53.57

-0.27

 
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