Nifty ends FY24 with gain of 28 pc, broader market up 60-70 pc

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New Delhi, March 28 (IANS) Domestic equities ended the FY24 on a bullish tone with Nifty up 28.6 per cent while the broader market gained 60 per cent-70 per cent, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.

Nifty strengthened throughout the session to close with gains of 203 points or 0.9 per cent at 22327 levels. All sectors ended in the green, he said.

All the major markets will remain closed on Friday. Markets on Monday will react to global cues as the US will announce Q4 GDP and core PCE price data. Also, US Fed Chair Powell’s speech which is scheduled on Friday will be important from an interest rate perspective, he said.

“Overall, we expect the market to continue its positive momentum with a focus on large-cap. With the start of the election in April, we believe government-centric stocks to be in focus. Auto stocks are likely to be in the limelight next week amid the release of monthly Auto sales number,” he said.

Shilpa Rout, AVP – Derivatives Research at Prabhudas Lilladher, said both indices showed positive momentum today (Thursday), on the back of long rollovers from March to April series. Nifty broke above resistance of 22,200, signaling a trend reversal and potentially heading towards the 23,000 mark. Bank Nifty, yet to break above 48,000, may test levels of 49,500/50,000 as it witnesses aggressive long bets, with 87 per cent rollovers until yesterday (Wednesday).



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