It was a one-way rally on Dalal Street on Friday as investors started the first day of the new financial year (FY23) with across-the-board buying. At close, the Sensex was up 708.18 points or 1.21 per cent at 59,276.69, and the Nifty was up 205.70 points or 1.18 per cent at 17,670.50. About 2564 shares have advanced, 645 shares declined, and 84 shares are unchanged. The broader indices, too, advanced in-line with large-caps with the BSE MidCap and SmallCap indices climbing 1.4 per cent and 1.7 per cent, respectively.
NTPC, PowerGrid, IndusInd Bank, SBI, HDFC, M&M, HDFC Bank, Bajaj Finance, Wipro, Axis Bank, Maruti Suzuki, and ITC were the biggest Sensex gainers, surging in the range of 1.5 per cent to 6 per cent.
On the downside, only Tech M, Dr Reddy’s Labs, Sun Pharma, Titan, and Infosys were the drags, down up to 0.7 per cent.
In the broader market space, Adani Power, BHEL, Bajaj Holdings, RBL Bank, SML Isuzu, Sahyadri Industries, Mrs Bectors Foods, and Spandana Sphoorty leaped between 5 per cent and 10 per cent.
Sectorally, the Nifty PSU Bank index jumped 4 per cent on the bourses with Union Bank, Bank of India, Canara Bank, and Bank of Maharashtra adding over 4 per cent each.
The Nifty Bank, Private Bank, Media, Financial Services, Realty, and FMCG indices, meanwhile, added between 1.5 per cent and 2 per cent.
S Ranganathan, Head of Research at LKP securities, said: “Benchmark Indices today gained over 1.35 per cent with the Volatility Index dropping over 11 per cent. Buoyant GST collections for March lifted sentiments with the Nifty PSE and the PSU Bank Indices registering smart gains on the first day of the new financial year with several stocks in sectors like Hospitality to Paper being sought after on many states doing away with all Covid related curbs. Positive Tailwinds buoyed several state-run firms in Gujarat to yearly highs and today’s trade saw keen interest in the constituents of the Nifty Energy Index.”
Global Cues
Wall Street stocks dropped Thursday in a weak finale to a downcast quarter during which equities retreated on worries about tightening monetary policy and the Russian invasion of Ukraine. The broad-based S&P 500 finished at 4,530.41, down 1.6 per cent for the day and just under five per cent for the quarter. The Dow Jones Industrial Average shed 1.6 per cent in the session to close at 34,678.35, while the tech-rich Nasdaq Composite Index dropped 1.5 per cent to 14,220.52.
Tokyo shares opened lower on Friday tracking falls on Wall Street as worries about the Russian invasion of Ukraine mounted. The benchmark Nikkei 225 index fell 0.71 per cent, or 197.32 points, to 27,624.11 at the open, while the broader Topix index lost 0.69 per cent, or 13.36 points, to 1,933.04. “Selling is likely to be dominant in the Tokyo market following falls of US shares,” Mizuho Securities said in a note.
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