Leaders Online Desk: The last trading day of the financial year 2024 witnessed a bullish trend in the Indian stock market. Sensex and Nifty indices touched record highs today on Thursday. The Sensex rallied as much as 1,100 points in the Thursday session today ahead of positive global cues and the release of US inflation. While Nifty crossed the level of 22,450. The Sensex then rose 655 points to close at 73,651. While the Nifty settled at 22,326 with an increase of 203 points.
All sectoral indices closed in the green. Auto, healthcare, power, capital goods rose by 1 percent each. While Oil & Gas, Bank, Realty FMCG rose by 0.5 percent each. The BSE midcap index closed 0.6 percent higher and the smallcap index 0.4 percent higher.
3.33 lakh crore increase in investor wealth
The Economic TimesMarket capitalization of all listed companies on BSE increased by Rs 3.33 lakh crore on Thursday, according to reports. Whereas the market capitalization of all listed companies increased by 128.8 lakh crores to reach Rs 386.97 lakh crores in the financial year 2024.
'Bajaj' shares top gainers
Bajaj Finserv, Bajaj Finance, Power Grid, SBI, M&M, Tata Steel, Nestle India, NTPC, JSW Steel, Wipro remained the top gainers on BSE Sensex. Reliance, Axis Bank shares saw a slight decline.
Meanwhile, the Nifty 50 index rose above the 22,450 level on the back of gains in heavyweights such as Hero MotoCorp, M&M and JSW Steel. Grasim, Bajaj Finserv, Bajaj Finance, Power Grid also remained top gainers. Shares of Shriram Finance, Bajaj Auto, Axis Bank, Reliance declined marginally.
Raising investors' hopes
The Federal Reserve's interest rate cut was delayed in the wake of higher-than-expected US inflation over the past few days. This has raised concerns from investors. But the Fed's stance at the Federal Reserve's policy meeting earlier this month eased those concerns. The US Federal Reserve has left interest rates unchanged. Interest rate has been kept as it was. Also, the Chairman of the Fed Reserve has indicated that the interest rate will be cut three times in the future. Now the market is expecting an interest rate cut in June, but the inflation data on Friday could affect that, say market experts.
Strong signals from global markets
US markets remained bullish on Wednesday ahead of the inflation rate announcement later this week. The Dow Jones Industrial Average closed up 1.22 percent. While the S&P 500 index rose by 0.86 percent. While the Nasdaq Composite closed up 0.51 percent. Meanwhile, Asian markets witnessed mixed sentiment today. Hong Kong's Hang Seng Index rose about 1 percent, while the Shanghai Composite gained 1.2 percent. But Japan's Nikkei 225 index fell 1.4 percent.
Growth in banking and financial shares
Banking and financial stocks witnessed gains today. Shares in the financial sector rose after RBI eased recently tightened norms for lenders to invest in Alternative Investment Funds (AIFs). Shares of Bajaj Finance and Bajaj Finserv rose up to 4 percent each. The shares rose after reports that Bajaj Housing Finance has entered into preliminary-stage talks with several investment banks about a possible initial public offering (IPO). Shares of SBI rose over 2 percent on the BSE Sensex. Also Nifty Bank and Nifty PSU Bank indices rose by around 1 percent.
Inflow of foreign investors increased
Inflow of foreign investors again increased in the Indian market. Foreign portfolio investors bought Indian stocks worth Rs 2,170 crore on Wednesday. While domestic institutional investors bought shares worth Rs 1,198 crore. Foreign investors have returned to the Indian market due to the fall in inflation, the possibility of an interest rate cut in June, etc. The high performance of domestic stocks and strong economic turnover has led to increased investment in the Indian market by foreign investors.
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