Stock market today: Nifty 50, Sensex jump almost 1% each; investors earn nearly ₹3 lakh crore in a day

The domestic stock market today ended higher on the last trading day of FY24 amid positive global cues.

Nifty 50 opened the day at 22,163.60 against the previous close of 22,123.65 and traded in the green throughout the day. The index closed the day at 22,326.90, up 203 points, or 0.92 per cent.

The Sensex opened at 73,149.34 against its previous close of 72,996.31 and touched its intraday high of 74,190.31. The index ended at 73,651.35, up 655 points, or 0.90 per cent.

Mid and smallcap segments also ended with decent gains. The BSE Midcap index rose 0.62 per cent while the Smallcap index ended 0.33 per cent higher.

The overall market capitalisation of the firms listed on BSE rose to nearly ₹387 lakh crore from nearly ₹383.6 lakh crore in the previous session, making investors richer by about ₹3.4 lakh crore in a single session.

Also Read: FY24 Review: FPIs infused ₹2 lakh crore in Indian equities, highest since FY21; what lies ahead?

The Indian stock market wrapped up the financial year 2024 with notable gains. The Nifty 50 soared by 29 per cent, while the Sensex saw a rise of 25 per cent during FY24. 

However, the midcap and smallcap indices significantly outshone the benchmarks. The BSE Midcap index surged by 63 per cent, and the Smallcap index jumped by 60 per cent in FY24.

Also Read: FY24 Market Review: Nifty Midcap and Smallcap surged over 60%; check best-performing stocks

Investors garnered approximately ₹129 lakh crore from the Indian stock market over the course of one year.

Top Nifty 50 gainers today

As many as 45 stocks ended in the green in the Nifty 50 index, with shares of Grasim Industries (up 4.42 per cent), Bajaj Finserv (up 4.07 per cent), Hero MotoCorp (up 3.44 per cent), Bajaj Finance (up 3.02 per cent) and Eicher Motors (up 2.87 per cent) as the top gainers.

Nifty 50 losers today

Shares of Shriram Finance (down 1.10 per cent), Axis Bank (down 0.60 per cent), Bajaj Auto (down 0.60 per cent), Tech Mahindra (down 0.54 per cent) and Reliance Industries (down 0.52 per cent) ended in the red in the Nifty 50 index.

Also Read: Top Gainers and Losers today on 28 March, 2024: Bajaj Finserv, Grasim Industries, Axis Bank, Reliance Industries among most active stocks; Check full list here

Sectoral indices today

Barring Nifty Media (down 0.70 per cent), all sectoral indices ended in the green on Thursday.

Nifty PSU Bank (up 2.62 per cent) ended as the top gainer among sectoral indices, followed by Nifty Healthcare (up 1.39 per cent), Auto (up 1.29 per cent), Metal (up 1.25 per cent) and Pharma (up 1.21 per cent) indices.

Nifty Bank index closed the day with a gain of 0.72 per cent.

Expert view on markets

Vinod Nair, head of research at Geojit Financial Services pointed out that the Indian equities closed the day and fiscal year on an optimistic note, with volatility by the end of the session, as buying by retails, DIIs, and FIIs surged across categories. The mid and small-cap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month.

Nair said an upgrade in the domestic economy forecast hints at an encouraging outlook for the stock market in FY25. However, the emphasis is on large-cap due to the persisting premium valuations of mid-cap stocks, which could pose a concern on the broad market in the short to medium term.

Technical view on Nifty 50

Rupak De, senior technical analyst at LKP Securities pointed out that there is a clear breakout in consolidation on the daily timeframe, signaling rising optimism. However, the Nifty encountered initial resistance near its previous swing high of 22,526.

According to De, to sustain a continued rally, Nifty must surpass the 22,525 level decisively. On the downside, 22,200 could serve as short-term support.

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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 28 Mar 2024, 03:31 PM IST