Mumbai: The financial year 2023-24 marked a significant surge in Indian stock markets, with the benchmark Nifty and Sensex indices soaring to their highest gains in three years, fueled by a combination of factors including mutual fund purchases and derivatives expiry.
The final trading day of the fiscal year 2024 ended on Thursday, March 28, 2024, as the market was closed on Friday, March 29 on occasion of Good Friday, followed by the weekend.
The Stock market will now open on April 1, Monday, marking the beginning of the new fiscal year 2025.
Markets on the Last Trading Day of FY24
The market on the last trading of fiscal year ended on a positive note. The 30-share BSE Sensex ended the day at 73,635.48, registering a gain of 639.17 points or 0.88 per cent. Similarly, the NSE Nifty concluded positively at 22,326.90, up by 203.25 points or 0.92 per cent. Additionally, the Nifty Bank surged by 338.65 points or 0.72 per cent to settle at 47,124.60.
Both Nifty and Sensex closed 0.9 per cent higher, indicating a surge in market activity.
Markets over the fiscal year 2024
The benchmark Nifty50 and Sensex indices saw their best gains, rising by 28 per cent and 25 per cent respectively, during this fiscal year, marking the best performance in the last three years.
But the real stars of the show were the smaller stocks, with the Nifty Midcap 100 and the Nifty Smallcap 250 skyrocketing by 64 per cent and 68 per cent respectively, catching the attention of regulators and market experts alike.
BSE indices during the fiscal year 2024
During the fiscal year 2024, the S&P BSE SENSEX reported a fluctuating trend from April 2023 to March 2024. In April 2023, the index opened at 59,131.16 and closed at 61,112.44.
BSE | file
The following month of May 2023 saw a further increase as the Sensex opened at 61,301.61 and closed at 62,622.24. In June 2023 another surge with the index opening at 62,736.47 and closing at 64,718.56.
In July 2023 continued the upward trajectory again as the Sensex opened at 64,836.16 and closed at 66,527.67.
However, in August 2023, the index experienced a slight dip with an opening of 66,532.98 and closing at 64,831.41.
In September 2023 a similar pattern was followed with an opening at 64,855.51 and closing at 65,828.41.
In October 2023, there was a notable decrease in the SENSEX as it opened at 65,813.42 and closed at 63,874.93.
However, November 2023 marked a significant rebound with the index opening at 63,829.87 and closing at 66,988.44. December 2023 reported a remarkable surge as the SENSEX opened at 67,181.15 and closed at 72,240.26.
Entering January 2024, the SENSEX opened at 72,218.39 and closed at 71,752.11. February 2024 continued the positive trend with an opening at 71,998.78 and closing at 72,500.30. The fiscal year concluded in March 2024 with the SENSEX opening at 72,606.31 and closing at 73,651.35, showcasing overall growth and volatility throughout the period.
NSE indices during the fiscal year 2024
Over the period from April 1, 2023, to March 28, 2024, the NIFTY 50 index saw an expediential changes.
Comparing the data from April 3, 2023, to March 28, 2024, shows a significant shifts in key metrics.
On April 3, 2023, the NIFTY 50 opened at 17,427.95 and closed at 17,398.05, with intraday highs and lows of 17,428.05 and 17,312.75, respectively. During this trading session, a total of 23,01,70,687 shares were traded, resulting in a turnover of Rs 20,359.58 crore.
NSE | Image Source: Wikipedia (Representative)
In contrast, on March 28, 2024, the opening value of the NIFTY 50 surged to 22,163.60 and closed higher at 22,326.90. The intraday high reached 22,516.00, while the low was 22,163.60. Market activity was higher, with a total of 40,74,22,815 shares traded, highlighting a substantial increase compared to the previous year. Turnover also soared to Rs 45,656.57 crore, indicating heightened investor participation and trading volume.
This marks an uptrend in the NIFTY 50 index over the one-year period, marked by gains in both index value and trading activity. Several factors, including economic indicators, corporate performance, and global market trends, likely influenced this positive trajectory.
Sectoral Performance and Institutional Investment
Various sectors witnessed substantial gains throughout the year, with real estate, public sector banks, automobiles, energy, and infrastructure companies leading the charge. Institutional investors reinforced this momentum, with foreign institutional investors (FIIs) driving a significant Rs 2.06 trillion into the Indian markets, closely followed by domestic institutional investors (DIIs) with Rs 2.04 trillion.
Market Ahead and Forecasts For FY25
Looking ahead, market sentiment will be influenced by global cues, including key economic data releases from the US and statements from the US Federal Reserve.
Additionally, the implementation of T+0 settlements in Indian stock markets, a move poised to redefine stock trading in India, will also enhance investor experience and liquidity.
The upcoming meeting of the Monetary Policy Committee (MPC) is eagerly awaited, scheduled from April 3-5, with expectations of a status quo on interest rates amid persisting inflationary pressures.
Automobile stocks will take center stage next week as they release monthly sales data, providing insights into consumer demand trends.
As FY25 is about to start on Monday (April 1), market participants anticipate significant events such as elections in India and other developed economies, clarity on interest rates, and India's entry into global bond indices.
