In the recent trading session on Thursday, the equity benchmark indices displayed substantial strength, driven by the rise in financial and capital goods stocks. The S&P BSE Sensex surged to a peak of 74,190 during the day but eventually decreased in the final hour, closing at 73,651, marking a significant increase of 655 points. This performance resulted in the BSE index recording a 1.6 percent gain for March and nearly a 25 percent rise for the financial year 2023-24.
The NSE Nifty 50 also showcased a positive trend, reaching a high of 22,516 before settling with a gain of 203 points at 22,327. This translated into a notable 29 percent increase for the Nifty in the financial year 2023-24, with four Nifty 50 stocks more-than-doubling in value over the year. Analysts attributed the market rally to strong domestic inflows in recent trading days and a shift towards large-cap stocks following regulatory action against small-caps by Sebi.
Individual stocks like Bajaj Finserv and Bajaj Finance saw a surge of over 3 percent amid speculations about the latter's housing arm IPO launch, potentially valued between Rs 80,000-85,000 crore. Among the Sensex 30 pack, significant gainers included SBI, Nestle India, Mahindra & Mahindra, Tata Steel, Power Grid Corporation, and NTPC, while Axis Bank and Reliance Industries saw notional losses. Additionally, in the broader market scenario, the BSE MidCap index rose by 0.6 percent, and the SmallCap index increased by 0.3 percent, indicating a widespread positive trend in the market on Thursday.