Page 36 - The Indian EYE 040524

BUSINESS EYE APRIL 05, 2024 | The Indian Eye 36

Backed by economic growth forecast and

political stability, Indian stocks boom

Notable gainers included HDFC Life, Adani Ports, Tata Motors,

Hero MotoCorp, and Bajaj Auto, while Maruti, SABI Life, Kotak Bank, Infosys,

and Hindustan Unilever led the losses

OUR BUREAU
New Delhi/Mumbai
ndian stock market indices closed the financial
year 2023-24 on a firm note, with Sensex and
INifty rising in the range of 0.8-0.9 per cent on
Thursday, backed by firm economic growth fore-
casts by various global watchdogs and political sta-
bility at the federal level.
Sensex settled 0.88 per cent or 639 points high-
er at 73,635 points, and Nifty 0.92 per cent or 203
points at 22,326 points. Among the widely-tracked
Nifty 50 stocks, 45 advanced and the rest 5 declined
today, NSE data showed.
On Friday, the market will remain shut for Good
Friday. On Monday too, the stock exchanges were
closed on account of Holi. The equity market extend-
ed gains and almost retested the record high. Over
the past 12-month, the indices accumulated about
27-31 per cent return on investment for the investors.
“Indian equities closed the day and fiscal year
on an optimistic note, with volatility by the end
of the session, as buying by retails, DIIs, and FIIs
surged across categories,” said Vinod Nair, Head
of Research, Geojit Financial Services. Stock brokers in a jubilant mood at a brokerage as Sensex and Nifty hit all-time highs (ANI)
“The mid- and small-cap stocks have emerged
as frontrunners, rebounding from the initial sell-off 31,056 crore, the latest data from the National Se- looming factors such as the March F&O expiry and
earlier in the month. An upgrade in the domestic curities Depository Limited (NSDL) showed. fiscal year-end, is expected to keep trading volumes
economy forecast hints at an encouraging outlook Separately, the Beta version of optional T+0 subdued while volatility may persist.
for the stock market in FY25. However, the em- settlement, for a limited set of 25 shares, started to- Varun Aggarwal, founder and managing direc-
phasis is on large-cap due to the persisting premi- day. The T+0 system means that the settlements tor, Profit Idea, said, “Resistance levels for the mar-
um valuations of mid-cap stocks, which could pose must be done within the same day, of the comple- ket are noted around 22,200-22,300, with a break-
a concern on the broad market in the short to me- tion of a transaction. through potentially triggering significant upward
dium term.” The Board of the SEBI will review the progress movement.”
Emkay Institutional Equities, a part of Emkay at the end of three months and six months from the He added, “Additionally, on the weekly chart,
Global Financial Services Limited, maintains its date of this implementation, and decide on further the Nifty formed a small positive candle, with sup-
stance of Nifty to remain at 24,000 level. Emkay ex- course of action. Currently, India follows the T+1 port around the 10-week Exponential Moving Av-
pects the market to rebound in 3-6 months, when cycle, which means trades are settled by the next day. erage (EMA) indicating a favourable short-term
SMIDs (Small and Mid Caps) would start to out- Earlier, the stock market kicked off the trading trend outlook, with potential for the Nifty to reach
perform again. day on a subdued note, opening marginally in the new all-time highs around 22,550 levels.”
For the time being, Ajit Mishra, SVP - Techni- red following the Holi festivities. As the trading bell Options data reflects some improvement, with
cal Research, Religare Broking suggests continuing rang on Tuesday morning, stock indices reflected a the put-to-call ratio rising to 1.23 from oversold lev-
focus on stock selection, with a preference for the flat sentiment, with the benchmark Sensex down by els. However, foreign institutional investors (FIIs)
index majors and large midcaps. Back home, for- 234.50 points, opening at 72,597.44, while the Nifty maintain a high level of short exposure in index fu-
eign portfolio investors continue to remain net buy- slipped 47.95 points to commence at 22,048.80. tures, currently at 65 per cent, suggesting potential
ers in India. This also buoyed the stocks. Among the Nifty companies, 13 advanced while for a short-covering rally.
Foreign portfolio investors who had aggressive- 37 declined in early trade. In global markets, Asian equities showed mixed
ly sold Indian stocks and turned net sellers in the Notable gainers included HDFC Life, Adani performance following a pullback in US stocks. In-
Indian equity market in January 2024 became net Ports, Tata Motors, Hero MotoCorp, and Bajaj vestors remain cautious amid concerns about a dis-
buyers in February and March. This has also likely Auto, while Maruti, SABI Life, Kotak Bank, Infos- connect between earnings expectations and share
buoyed the stocks of late. ys, and Hindustan Unilever led the losses. prices, with sentiment perceived as stretched and a
In March, they bought stocks in India worth Rs The truncated trading week, coupled with US equity market pullback deemed overdue.

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