New Delhi: Indian Share Market indices closed financial year 2023-24 on a strong note, with Sensex and nifty Growth rose in the 0.8-0.9% range on Thursday, supported by strong economic growth forecasts by various global watchdogs and political stability at the federal level.
In the last session of 2023-24, on Thursday, Sensex closed 0.88% or 639 points higher at 73,635 points and Nifty closed 0.92% or 203 points higher at 22,326 points.
The market was closed on Friday on the occasion of Good Friday. Stock markets were closed on Monday also on the occasion of Holi.
On Thursday, equity markets recovered gains and almost reclaimed record highs. Over the last 12 months, the indices have generated around 27-31% returns on investment for investors.
“Indian equities closed the day and the fiscal year on an optimistic note, with volatility easing towards the end of the session, driven by increased buying across all categories by retail, DIIs and FIIs,” said Vinod Nair, head of research at Geojit Financial Services.
“Mid- and small-cap stocks have emerged as the leaders, recovering from the initial selloff earlier this month. The improvement in domestic economy forecasts indicates an encouraging outlook for the stock market in FY2025. However, an emphasis on “This is being given due to the persistent premium valuation of mid-cap stocks over large-caps, which may create concerns on the broader market in the short to medium term.”
MK Institutional Equities, a part of MK Global Financial Services Ltd, has maintained its stance of holding Nifty at 24,000 levels. MK expects the market to pick up in 3-6 months, when SMIDs (small and mid caps) start outperforming again.
For now, Ajit Mishra, SVP – Technical Research, Religare Broking suggests continuing to focus on stock selection by giving preference to major indices and large midcaps.
Back home, foreign portfolio investors remain net buyers in India. Due to this also the shares rose.
Foreign portfolio investors who had sold aggressively indian stock And became net sellers in the Indian equity market in January 2024 and net buyers in February and March. Due to this, there is a possibility of a rise in the shares recently.
Latest data from National Securities Depository Limited (NSDL) shows that they bought shares worth Rs 31,056 crore in India in March.
Separately, a beta version of alternative T+0 settlement for a limited set of 25 shares began this week. The T+0 system means that settlement must be done within the same day of completion of the transaction.
The Board of SEBI will review the progress at the end of three months and six months from the date of this implementation, and decide on further action. Currently, India follows the T+1 cycle, which means trades are settled by the next day.
In the last session of 2023-24, on Thursday, Sensex closed 0.88% or 639 points higher at 73,635 points and Nifty closed 0.92% or 203 points higher at 22,326 points.
The market was closed on Friday on the occasion of Good Friday. Stock markets were closed on Monday also on the occasion of Holi.
On Thursday, equity markets recovered gains and almost reclaimed record highs. Over the last 12 months, the indices have generated around 27-31% returns on investment for investors.
“Indian equities closed the day and the fiscal year on an optimistic note, with volatility easing towards the end of the session, driven by increased buying across all categories by retail, DIIs and FIIs,” said Vinod Nair, head of research at Geojit Financial Services.
“Mid- and small-cap stocks have emerged as the leaders, recovering from the initial selloff earlier this month. The improvement in domestic economy forecasts indicates an encouraging outlook for the stock market in FY2025. However, an emphasis on “This is being given due to the persistent premium valuation of mid-cap stocks over large-caps, which may create concerns on the broader market in the short to medium term.”
MK Institutional Equities, a part of MK Global Financial Services Ltd, has maintained its stance of holding Nifty at 24,000 levels. MK expects the market to pick up in 3-6 months, when SMIDs (small and mid caps) start outperforming again.
For now, Ajit Mishra, SVP – Technical Research, Religare Broking suggests continuing to focus on stock selection by giving preference to major indices and large midcaps.
Back home, foreign portfolio investors remain net buyers in India. Due to this also the shares rose.
Foreign portfolio investors who had sold aggressively indian stock And became net sellers in the Indian equity market in January 2024 and net buyers in February and March. Due to this, there is a possibility of a rise in the shares recently.
Latest data from National Securities Depository Limited (NSDL) shows that they bought shares worth Rs 31,056 crore in India in March.
Separately, a beta version of alternative T+0 settlement for a limited set of 25 shares began this week. The T+0 system means that settlement must be done within the same day of completion of the transaction.
The Board of SEBI will review the progress at the end of three months and six months from the date of this implementation, and decide on further action. Currently, India follows the T+1 cycle, which means trades are settled by the next day.
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