Mumbai: Registering a hefty rise of 25 per cent in 2014-15, benchmark BSE Sensex today capped its best show in six fiscal years mainly driven by surge in foreign inflows after the Narendra Modi-led government took charge.
For the day, however, the BSE Sensex settled in the red after giving up early gains to end the fiscal year marginally down by 18.37 points at 27,957.49.
The broader market sentiment remained strong as small-cap and mid-cap counters outshined the Sensex by 0.31 per cent and 0.88 per cent, respectively.
Market Outlook by Vinod Nair, Head-Fundamental Research, Geojit BNP Paribas Financial Services
After a very poor expiry in March month, the April contract has started well. Though on a healthy note, we believe it will be a volatile month.
This consolidation which had started at nifty 9100, may continue upto a maximum range of -2 to -3% from current level. The long trading and banking holiday will impact the performance during the shorten trading week.
The post immediate factor will be the take from RBI meet on 7th April (next week). We cannot expect a immediate cut in interest rate as CPI is on the uptick. But we have to look at scope to surprise the market through a CRR cut and forward outlook. To have a rate cut over the next 1-3months will depend on forthcoming data and US rate hike.
The expectation on Q4 is poor and a large chunk of the impact is already seen in the market. Hence no further negative surprise from Q4 and updates of Post Budget reforms from the second shift of budget-session (20th April) will influence the market ahead..
“It was a mixed trading session for the sectoral indices, where oil & gas and healthcare managed to gain close a per cent each, while rest ended flat to marginally in red,” said Jayant Manglik, President-retail distribution, Religare Securities.
For the month, the Sensex fell 4.8 per cent, its worst monthly show since February 2013.
The broad-based 50-issue NSE Nifty today eased by 1.30 points or 0.02 per cent to close at 8,491.
After markets closed for the day, government data showed growth in eight core sector industries slowed down to 1.4 per cent in February.
During the fiscal 2014-15, Sensex has gone up by 5,571.22 points, or 24.88 per cent to 27,957.49 from 22,386.27 on March 31, 2014. The gauge had touched all-time high of 30,024.74 on March 4 this year.
On similar lines, the NSE's Nifty zoomed by 1,786.80 points, or 26.65 per cent, to settle the fiscal at 8,491 after scaling lifetime high of 9,119.20 on March 4 this year.
For the day, Refinery stocks were in the limelight after a brokerage firm upgraded Reliance Industries (RIL) stock to overweight from underweight and also further fall in global crude oil prices.
Market Wrap Up by Alex Mathews, Head Research, Geojit BNP Paribas Financial Services
Tracking the global cues, the Indian markets opened with a positive note and made a high of 8850. But it came down as of the high level profit booking ahead of the long weekend starting from day after tomorrow. Now the major hurdle for the Nifty is the 8530 (100 DMA) above which we can expect more buying to come. But tomorrow the markets may remain choppy throughout the day as of the holidays.
Nifty today closed at 8491 down around 0.02%. The market breadth stood positive as there were seen 1586 stocks advancing against 1136 stocks declining. The Nifty volatility index, India VIX stood at 14.4925 up around 1.61%.
But the Mid-cap and small-cap sectors were seen outperforming the broader markets, ended up around 0.31% and 0.88% respectively.
The major sectorial gainers for the day were Oil & gas and Healthcare sectors, which closed up around 1.18% and 1.03% respectively. On other end, the losers were Banking and Capital goods which ended down around 0.81% and 0.49% respectively.
In the stocks' front, the major gainers were BPCL and Tata Power which closed up around 5.16% and 3.63% respectively whereas the losers were PNB and ONGC which closed down around 3.06% and 2.98% respectively.
The FIIs were sellers in the cash markets segment, sold shares worth Rs 240.34 crore on Monday, 30 March 2015. On the other hand the DIIs were net buyers on 30 March 2014, bought shares worth Rs 651.67 crore as per the provisional data from the stock exchanges.
The European markets were little changed and the US index futures were flat.
HDFC Bank, ICICI Bank, Axis Bank, SBI, L&T, BHEL, ONGC, ITC, Infosys, TCS, M&M, and Hindalco suffered losses. RIL, Tata Motors Sun Pharma, Dr Reddy's, Maruti Suzuki, Bharti Airtel and Tata Power notched noticeable gains.
Meanwhile, mixed Asian cues, weak European trends and sustained capital outflows also weighed on the local bourses.
Indian companies raised a staggering Rs 58,801 crore through equity markets in the financial year that ended today — the best funds mop-up since 2010-11 fiscal.
In overseas markets, Asian markets closed mixed, after Beijing announced new policy moves to revive property market.
Key indices from China, Japan and Singapore closed with losses while from Hong Kong, South Korea and Taiwan ended up.
European stocks reversed their initial gains and were trading lower in late morning deals. The CAC was down by 0.07 per cent, the DAX by 0.27 per cent and the FTSE by 0.49 per cent.
Meanwhile, Foreign Portfolio Investors (FPIs) sold shares worth a net Rs 240.34 crore while Domestic Institutional Investors (DIIs) bought shares worth a net Rs 651.67 crore yesterday, as per provisional data.
Among 30-share Sensex pack, ONGC dropped by 2.51 per cent, Tata Steel 1.72 per cent, Hindalco 1.71 per cent, BHEL 1.53 per cent, HDFC Bank 1.32 per cent and M&M 1.06 per cent.
However, Tata Power rose by 3.42 per cent, followed by Gail 2.37 per cent, Dr Reddy's Lab 1.91 per cent, Tata Motors 1.85 per cent, Reliance Industries 1.77 per cent, HUL 1.25 per cent, Cipla 1.24 per cent and Sun Pharma 1.14 per cent.
From sectoral BSE indices, BSE Bankex moved down by 0.81 per cent and Capital Goods by 0.49 per cent while Oil & Gas rose by 1.18 per cent.
Reflecting the rally in second-line stocks, the market breadth remained positive as 1,588 stocks ended in the green while 1,132 closed in the red and 113 held stable.
Total equity turnover rose to Rs 2,980.16 crore from Rs 2,552.45 crore yesterday.