The Indian benchmark indices posted healthy gains on the last day of the financial year 2022-23 and extended the winning streak to the second day, closing more than a percent higher on March 31.
At close, the Sensex was up 1,031.43 points, or 1.78 percent, at 58,991.52, and the Nifty was up 279.10 points, or 1.63 percent, at 17,359.80.
The market opened gap-up on supportive global cues and extended the gains as the day progressed, with the Sensex crossing 59,000 and the Nifty inching towards 17,400 on across-the-board buying.
For the week, the Sensex and the Nifty added 2.5 percent each but remained flat for the month of March.
In the quarter ended March 31, 2023, the Sensex declined 3 percent and the Nifty took a bigger knock of 4 percent.
In FY23, the Sensex was up 0.72 percent, while the Nifty was down 0.6 percent.
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Stocks and Sectors
Top gainers on the Nifty included Reliance Industries, Nestle India, Infosys, ICICI Bank and Tata Motors, while losers included Apollo Hospitals, Adani Ports, Sun Pharma, Asian Paints and Bajaj Finance.
All sectoral indices ended in the green. The information technology index up 2.5 percent, while auto, bank, FMCG, capital goods, realty and oil & gas up a percent each.
The BSE midcap and the smallcap indices rose 1 percent each.
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Bosch, Cyient, Dr Reddy's Laboratories, Godrej Consumer Products, KEI Industries, Hariom Pipe Industries, KPIT Technologies, Marksans Pharma, NCC, Ultratech Cement and Zydus Lifesciences were among the stocks that touched their 52-week high on the BSE.
More than 200 stocks sank to their 52-week lows. These included Jet Airways, Vodafone Idea, Ujaas Energy, Tide Water Oil, Sadbhav Engineering, Punjab Chemicals, Rolta India, Madhucon Projects, Housing Development & Infrastructure and Educomp Solutions.
A long build-up was seen in Bharat Electronics, Granules India and Balrampur Chini Mills, while a short build-up was seen in Gujarat Gas, Indraprastha Gas and Zee Entertainment Enterprises.
Also Read - Sensex, Nifty climb 1.7% amid firm global cues: Key factors driving the rally
Outlook for April 3
Rupak De, Senior Technical Analyst at LKP Securities
Bulls remained at the helm as the Nifty closed well above the crucial resistance level of 17,250. On the daily chart, the index moved above the recent consolidation, suggesting a rise in optimism.
The momentum oscillator RSI entered a bullish crossover. The trend is likely to remain strong as long as it remains above 17,200. On the higher end, the next important level is 17,500–17,600, where bears will be waiting.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
For the week, the Sensex and the Nifty 50 rose more than 2 percent. BSE mid and small-cap index gained 1-2 percent. Most of the sectoral indices reported positive gains during the week. However, the BSE power index gave negative returns.
Markets will continue to focus on inflation numbers across key economies and related central bank actions. The domestic market will keenly watch out for the RBI policy meet scheduled next week. Over the coming weeks, the market will also start focusing on Q4FY23 earnings season.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
The Nifty witnessed the continuation of positive momentum and closed 280 points higher. On the daily charts, the Nifty managed to close above the 20-day moving average (17214), which is a sign of strength.
The daily momentum indicator has a positive crossover. Thus, both price and momentum indicators are suggesting a further upside. The index is likely to test the 17,480– 17,500 zone, where resistance in the form of the 200-day moving average and the upper end of the falling channel is placed.
On the monthly chart, the Nifty has managed to close above the 20-month moving average (17,351), which is a positive sign. It has formed a Doji pattern, indicating a pause after falling for three consecutive months. In April, the Nifty is likely to witness a rebound with IT, energy, metals, capital goods and PSU banks leading from the front.
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