Sensex Indices: Market Starts FY23 On A High! Sensex rises 708 points; Nifty ends above 17,650

In a positive start to the new fiscal year, bulls on Dalal Street managed to push benchmark indices higher on Friday, while talks between Russia and Ukraine and a drop in oil prices guided investor sentiment.

All sector indices finished in the green, with oil and gas and financials pushing the pack of 30 Sensex shares sharply higher in the last trading hour by 708.18 points or 1.21% to 59,276.69.

Its broader counterpart, NSE Nifty, gained 205.70 points, or 1.18%, to settle near the 17,700 mark.

Both indices have gained in four of five trading sessions and have managed to post their second best week in seven months. In the fiscal year ending March 31, the Nifty and the Sensex rose more than 18% each.

Sensex reclaimed the 59,000 level for the first time since February 10th and Nifty closed at the highest level since February 2nd.

“Benchmark indices gained over 1.35% and Vix fell over 11%. Buoyant March GST collections lifted confidence with the Nifty PSE and bank PSU posting smart gains and several stocks in sectors including hospitality and the role that was sought after in many states removing all curbs from Covid,” said S Ranganathan of LKP Securities.

Statistics Index
The breadth of the market strongly favors advances, advance-decline ratio of 7:1.

Around 2,721 shares advanced, 674 shares declined and 106 shares remained unchanged. 133 stocks tested their 52-week highs during the session, while another 21 tested their 52-week lows. 19 shares reached their upper loop limit, while 2 shares were locked out of the lower loop.

Small-cap and mid-cap stocks finished on a strong note, as the Nifty Midcap 100 Index rose 1.49% and small-cap stocks gained 1.68%. The mid-cap index crossed 30,000 for the first time since February 11.

BHEL, Union Bank, HDFC AMC, Lux Industries, Manappuram, Indiabulls HSG, NBCC are the top small and mid-cap gainers while Atul, Intellect Design, Ipca, Alkem, Nippon were the top mid-cap laggards.

Winners and Losers

Record power generation in FY22 helped Power Grid and NTPC rise 4-6% in the Sensex bundle, while IndusInd Bank, SBI, HDFC twins, M&M and Bajaj Finance also ended the week with Profits. Only 5 of 30 stocks, including Tech Mahindra, Sun Pharma and DRL, ended up with cuts.

Hero Moto was the main loser on Nifty with a drop of over 2% following a detailed statement from the IT Department.

Sector Matrix

13 of the 15 sectoral indicators, compiled by the NSE, ended up green. Nifty Bank and Nifty Financial Services outperformed the index, rising as much as 2.13% and 1.87%.

Nifty Bank closed up 5% this week and closed at the highest level since February 23. The index has managed to gain in 3 out of 4 weeks.

Nifty Realty gained more than 5% to post the best week since November 7. Except for the pharmaceutical sector, all the sector indices register gains this week, with the real estate sector gaining the most. India VIX, a barometer of future volatility, declined more than 20% this week, the most in almost 2 years.

in Spotlight

M&M was the biggest gainer in the Nifty Auto package, up 2.31% after reporting a 35% year-over-year increase in total car sales to 54,643 units in March. Ashok Leyland and Bajaj Finance were also up 2.3% and 1.79%, respectively, on better-than-expected sales data.

The country’s largest automaker, Maruti Suzuki India, reported a 2% rise in total wholesale sales to 1,70,395 units in March and recorded its highest exports of 2.38 lakh units in the fiscal year. 22. The company’s scrip closed 1.41% higher.

Tata Motors also rebounded more than 1.5% after the company posted 30% year-on-year growth in total domestic sales in the previous month. SML Isuzu rose 11% as total sales rose 43% to 1,363 units vs. 952 units year-on-year.

global markets
Trades in Seoul and Tokyo ended lower, while Shanghai and Hong Kong closed in the green. Markets in Europe were trading mostly higher. US futures and European markets also rose. Meanwhile, international oil benchmark Brent crude rose 0.22 percent to $104.94 a barrel.

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