MUMBAI: In accordance with strong trends in the international markets and significant purchasing in index heavyweight Reliance Industries, benchmark indexes Sensex and Nifty closed the final day of the 2022–23 fiscal year with a nearly 2% increase.
The upward momentum in the share market was further strengthened by recent inflows of foreign funds.
The 30-share BSE Sensex rose 1,031.43 points (1.78%) to close at 58,991.52 on the last day. During the day, it surged 1,108.38 points or 1.91 per cent to 59,068.47.
The NSE Nifty, a wider index, increased 279.05 points, or 1.63 percent, to close at 17,359.75.
Reliance Industries, which increased by more over 4%, was the highest gainer among the Sensex companies. Other notable winners were Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra, and Axis Bank.
The losers were Sun Pharma, Asian Paints, Bajaj Finance, and Titan.
Seoul, Japan, Shanghai, and Hong Kong saw positive closing prices in Asian markets.
During the afternoon trade, European markets were trading up. The American stock markets closed higher on Thursday.
“As the fiscal year came to a finish, the market experienced an upward trend characterised by positive advances in the banking and IT sectors, which were supported by strong global cues. Significantly, the reduction in Indian stock values also benefited, increasing interest from international institutional investors “said Vinod Nair, Geojit Financial Services’ head of research.
Due to “Ram Navami,” Indian stock markets were closed on Thursday.
The 30-share BSE benchmark increased 346.37 points or 0.60 percent on Wednesday to close at 57,960.09. To finish at 17,080.70, the Nifty gained 129 points, or 0.76 percent.
Brent crude, the benchmark for all crude oil, fell 0.11 percent to USD 79.18 per barrel.
According to exchange data, Foreign Portfolio Investors (FPIs) purchased shares of stock worth Rs 1,245.39 crore on Wednesday, making them net buyers.