FINAL TRADE: Nifty soars to 22,327, Sensex jumps 655 pts amid broad-based rally as D-Street bids adieu to FY24

Stock market today: Domestic blue-chip indices gained on Thursday, March 28, the last session of the financial year 2023-24, boosted by broad-based gains on Dalal Street primarily led by financial shares. Financial shares rose a day after the Reserve Bank of India tweaked rules governing investments in alternative investment funds (AIFs). Read more 

The Nifty index ended 203.3 points, or 0.9 per cent, higher at 22,326.9, and the Sensex settled with a gain of 655 points, or 0.9 per cent, at 73,651.35. Key factors behind Thursday's stellar rally

Grasim, Bajaj Finserv, Bajaj Finance, Hero MotoCorp, and Eicher Motors, jumping about 3-4 per cent for the day, rose the most among the 45 gainers in the Nifty50 basket, whereas Shriram Finance, Axis Bank and Bajaj Auto, down about one per cent each, were the top losers. 

"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," said Vinod Nair, Head of Research, Geojit Financial Services.  

The Nifty Financial Services index gained one per cent while the high-beta Nifty Bank gauge, whose 12 constituents include SBI, HDFC Bank, and ICICI Bank, gained 0.7 per cent. 

Among broader indices, the Nifty Midcap100 ended nearly 0.5 per cent higher while the Nifty Smallcap100 stood flat. 

"Midcap and smallcap stocks have emerged as frontrunners, rebounding from the initial sell-off earlier in the month... 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," Nair added.

Dalal Street would remain shut for business on Friday owing to Good Friday, and resume trade in a new financial year on Monday.  

Global Market

European shares inched higher in early trade heading into the long Easter weekend break, boosted by energy stocks. The pan-European STOXX 600 was up 0.1 per cent at the last count, on course to register a second straight quarterly gain.

Catch all the highlights of the March 28 session here. For all other news related to business, politics, tech and auto, visit Zeebiz.com.