Sensex gains 127 pts, Nifty ends at 11624

Sensex gains 127 pts, Nifty ends at 11624
  • 1

Mumbai, Mar 29: The benchmark indices ended on a positive note for the second straight day on Friday, the last trading day of the financial year (FY19) 2018-19 amid buying in metals, pharma, and auto stocks.
The S&P BSE Sensex ended at 38,673, up 127 points or 0.33 per cent with Vedanta being the top gainer and IndusInd Bank the biggest loser.
The NSE’s Nifty50 index closed above the crucial 11,600 level at 11,624, up 54 points or 0.47 per cent.
On a weekly basis, Sensex gained around 1.30 per cent while Nifty added 1.45 per cent.
During the financial year, Sensex climbed 17 per cent and Nifty50 index gained around 15 per cent.
In the broader market, the S&P BSE Midcap index surged 151 points or 0.99 per cent to close at 15,480. The S&P BSE SmallCap rose 109 points or 0.73 per cent to end at 15,027.
Shares of Ipca Laboratories, Varun Beverages, Merck, Adani Gas, Future Lifestyle, Gujarat Fluorochemicals and Muthoot Finance were among 14 stocks hitting their respective all-time highs on the BSE on Friday.
DLF shares hit an over six-month high of Rs 207 in the intra-day deal on the BSE after the real estate developer successfully raised Rs 3,173 crore through qualified institutional placement (QIP). The stock, eventually, closed at Rs 201.60, up nearly 4 per cent.
Metal stocks advanced the most, followed by pharma and auto counters. The Nifty Metal index ended over 2 per cent higher at 3,044.
Global stocks rose on Friday on optimism over trade talks between the United States and China and were set to post their best quarterly performance since 2012, while global bond yields moved higher after a prolonged slide on growth worries.
Oil prices rose on Friday amid the ongoing OPEC-led supply cuts and US sanctions against Iran and Venezuela, putting crude markets on track for their biggest quarterly rise since 2009.
Sensex, Nifty posts double-digit return for third consecutive year
The benchmark indices reported double-digit return for the third consecutive financial year, led by financials, information technology (IT), fast moving consumer goods (FMCG) and Reliance Industries (RIL).
In the financial year 2018 – 19 (FY19), the S&P BSE Sensex and Nifty 50 have rallied 17 per cent and 15 per cent, respectively – outpacing the 11.3 per cent and 10.2 per cent rise seen in these indices in the previous financial year.
A bulk of the these gains came in March after the foreign investors pumped in over $5 billion in hopes of Modi government returning to power post the general election scheduled for later this year. That apart, an improvement in corporate earnings going ahead also boosted sentiment.
“The rise in markets currently looks like a catch-up rally just before the 2019 general elections, especially in the case of private banks which are making new highs. NBFC stocks which took a beating post the ILFS crisis have bounced back. On the global economy front, concerns remain as regards rising oil prices and a slowdown in the global economy, which may impact investor sentiments,” said Hemang Jani, Head – Advisory, Sharekhan by BNP Paribas.
Winners and Losers
Among individual stocks, Bajaj Finance, RIL and Axis Bank have rallied over 50 per cent each, while ICICI Bank, Tata Consultancy Services (TCS), Infosys, State Bank of India (SBI) and Hindustan Unilever gained in the range of 28 per cent to 42 per cent during FY19.
On the other hand, Dewan Housing Finance Corporation (DHFL), Jet Airways (India), Vodafone Idea, Reliance Communications, Reliance Capital, Reliance Infrastructure, PC Jeweller, Manpasand Beverages and Indiabulls Real Estate are among the top losers that saw their market value dip over 50 per cent in FY19.
However, liquidity distress in the country’s capital markets, triggered by the default in September 2018 of IL&FS, saw the midcap and smallcap indices recorded their worst performance since FY12.
The S&P BSE Midcap lost 3 per cent, while the S&P BSE Smallcap has slipped 12 per cent so far in FY19. In the past two fiscals, both these indices had rallied 50 per cent and 61 per cent, respectively, as compared to 30 per cent rise in the benchmark Sensex.
Autos in reverse gear
Sector-wise, auto (down 22 per cent) and metal (down 15 per cent) indices have been the worst performers. Tata Motors, Hero MotoCorp, Maruti Suzuki India, Eicher Motors and Ashok Leyland from automobile sector tanked between 25 and 47 per cent during FY19.