- By Aditya Pratap Singh
- Thu, 28 Mar 2024 04:18 PM (IST)
- Source:JND
Share Market Closing: The domestic benchmark indices traded high on the last day of the financial year 2024. BSE's Sensex ended trade at 73651.35 up by 0.90% or 655 points, while NSE's Nifty 50 closed at 22,326.90, up by 2-3 points or o.92%.
During the trade hours, both Sensex and Nifty soared around 1.5 percent. The gain was majorly driven by a sharp rally in heavyweight stocks and FII buying.
Factors Behind Today's Gain
Rally in Heavyweights
A rally in index heavyweights like Bajaj Finance, Mahindra & Mahindra, Bajaj Finserv, ICICI Bank, Grasim Industries, and others, lifted the Nifty 50 above the 22,300 level. Among Nifty 50 stocks, 48 stocks traded in the green, while only 2 stocks were trading in the red.
FII Buying
Foreign Institutional Investors (FIIs) continued to show strong buying interest in the Indian stock market, indicating a positive sentiment. while Domestic Institutional Investors (DIIs) have also shown buying character.
Also read: Adani Family Infuses Rs 6,661 Crore In Ambuja Cements, Stake Increases To 66.7%
Rally in Global Markets
An upward momentum in global peers supported the rally in Indian equity markets. The US stock market indices ended trade higher on Wednesday.
The Dow Jones Industrial Average rallied 477.75 points, or 1.22%, to 39,760.08, while the S&P 500 jumped 44.91 points, or 0.86%, to 5,248.49. The Nasdaq Composite closed up by 83.82 points, or 0.51%, at 16,399.52.
Strong Economic Predictions
Morgan Stanley raised India’s GDP (gross domestic product) growth forecast for the fiscal year 2024-25 (FY25) to 6.8% from its previous estimate of 6.5%, highlighting the country’s strength and stability as hallmarks of the current financial cycle. It also revised its growth forecast for FY24 to 7.9%. The strong GDP forecast lifted the sentiment in the markets.