Sensex, Nifty End FY24 on Buoyant Note, but Will They Sustain?

The Indian stock market ended the final trading day of the 2023-24 fiscal on a strong note, with the BSE Sensex jumping 655.04 points or 0.90 percent to close at 73,651.35, and the NSE Nifty climbing 203.25 points or 0.92 percent to end at 22,326.90. The broader markets also ended in the positive, with the BSE Midcap index rising 1.29 percent and the BSE Smallcap index rising 1.17 percent.

Financial stocks were the biggest gainers, with the Nifty Bank index rising 1.45 percent, as the Reserve Bank of India's relaxation of rules for lenders' investments in alternative investment funds boosted investor sentiment. Power, auto, and banking stocks were among the other major gainers.

However, despite the upbeat mood, some analysts warned that the market may not be able to sustain its upward momentum, as the Indian economy faces significant headwinds, including a weakening rupee, rising crude oil prices, and concerns about the upcoming general election.

Here's a look at the major updates from the stock market today:

1. Sensex, Nifty End FY24 on Buoyant Note: As mentioned, the BSE Sensex rose 655.04 points or 0.90% to close at 73,651.35, and the NSE Nifty climbed 203.25 points or 0.92% to end at 22,326.90.
2. FY24 Ends on Mixed Note: Indian stocks witnessed a mixed trend during the fiscal year 2023-24 (April 2022 -March 2023). The BSE Sensex declined 3.73% or 2,277.11 points, while the NSE Nifty fell 2.29% or 592.60 points.
3. All Markets Will Remain Closed on Friday: On account of Good Friday, all stock markets will remain closed on Friday, March 31, 2023.
4. REC Settles 1.62% Higher: Following the incorporation of ERES-XXXIX Power Transmission, REC Power Development & Consultancy Limited's stock rose 1.62% on the NSE, closing at ₹452.70.
5. Rupee Falls 6 Paise to Settle at 83.39 against US Dollar: The rupee depreciated 6 paise to settle at 83.39 (provisional) against the US dollar on Thursday due to a strengthening greenback against major rivals overseas and rising crude oil prices in the international markets.
6. Muthoot Microfin Announces Syndicated Social Term Loan of $75 Million: Muthoot Microfin Ltd has announced a syndicated social term loan of $75 million in the form of an ECB (External Commercial Borrowing).
7. BSE & ICCL Launch Beta Version of T+0