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The Indian stock market continued its winning streak for the second consecutive day on March 28, 2024. Benchmark indices surged closer to their record highs amid broad-based buying across sectors. Despite encountering some volatility towards the end of the session, the market posted solid gains, buoyed by positive sentiments on the last day of the fiscal year FY24.
Key Indices:
At close, the Sensex rose by 655 points to reach 73651.
The Nifty surged by 203 points closing at 22326.
Market Performance:
The market saw robust gains across sectors, with all sectoral indices ending in the green.
Sectors like auto, healthcare, metal, power, and capital goods led the rally, each gaining 1%.
Other sectors such as oil & gas, Information Technology, banking, realty, and FMCG also posted gains of 0.5% each.
The BSE midcap index added 0.6%, while the smallcap index was up 0.3%.
Top Gainers and Losers:
Top gainers on the Nifty included Bajaj Finserv, Grasim Industries, Hero MotoCorp, Bajaj Finance, and Eicher Motors.
Meanwhile, Shriram Finance, Tech Mahindra, Axis Bank, Reliance Industries, and Britannia Industries were among the losers.
Market Outlook:
The Nifty rallied significantly, surpassing the 22,500 mark and showing a clear breakout in consolidation on the daily timeframe.
However, it encountered initial resistance near its previous swing high of 22,526, suggesting the need to surpass the 22,525 level decisively for sustained rally.
Short-term support is seen around 22,200.
While corrections may occur due to high valuations, the market's undertone remains bullish with investors showing confidence in equity assets for the next financial year.
Focus will shift to full-year earnings from next month, with sectors like banking and IT likely to be in focus.
Year-End Analysis:
FY24 marked one of the best years for the Indian markets, with Nifty posting significant returns.
Mid and Small-cap indices outperformed the Nifty, offering nearly 2.2-2.4x returns despite some corrections.
PSU stocks, auto, energy, and pharma sectors performed well, while consumer and private banks struggled.
FII and DII activities remained positive, contributing to market momentum.
Notable gainers in FY24 included Bajaj Auto, Tata Motors, Adani Ports, Coal India, and Hero MotoCorp.
Only HDFC Bank & HUL posted negative returns among Nifty stocks.
The Bank Nifty index exhibited strength, although facing resistance around 47,500.
The Nifty's performance in FY24 signals optimism, with a positive outlook for FY25 despite concerns over premium valuations of mid-cap stocks.
Conclusion:
Indian equities concluded the day and fiscal year on an optimistic note, with significant gains and bullish sentiment prevailing across sectors. While challenges like valuation concerns and potential corrections exist, the overall market outlook remains positive, driven by strong economic forecasts and investor confidence.
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