Nifty ends financial year with strong gains

28 Mar 2024 Evaluate

Indian equity benchmark -- Nifty -- finished in a positive terrain on last trading session of financial year 2023-24. Index made an optimistic start and extended its gains, as sentiments got boost with Union Finance Minister Nirmala Sitharaman’s statement that the government will continue the push on its reforms agenda in its third term since political continuity, along with a predictable and stable economic environment and taxation structure, is important to achieve the laid-down developmental goals. Further, foreign fund inflows supported sentiments. Foreign institutional investors (FIIs) net bought shares worth Rs 2,170.32 crore on March 27, provisional data from the NSE showed.

In afternoon session, index continued its northward journey and traded near day’s high point, as sentiments remained up-beat with Chairman of the 16th Finance Commission Arvind Panagariya stating that India can realistically push its economic growth close to 9 per cent from the current 7 per cent or so, by implementing a few more reforms in the next five years. Traders also took a note of the Finance Ministry’s statement that the Centre plans to raise Rs 7.5 lakh crore through market borrowing in the April-September period of 2024-25 (H1FY25) to fund the revenue gap. In the next financial year (FY25), the government plans to borrow a total of Rs 14.13 lakh crore. In last leg of trade, index came off day’s high point, but ended in positive terrain with gains of 203.25 points.

Most of the sectorial indices ended in green except IT stock. The top gainers from the F&O segment were Grasim Industries, Bajaj Finserv and LIC Housing Finance. On the other hand, the top losers Hindustan Copper, Oberoi Realty and IDFC First Bank. In the index option segment, maximum OI continues to be seen in the 22900 - 23100 calls and 21900 - 22100 puts indicating this is the trading range expectation.