Nifty closes FY24 with 28% gain, wider market rises 60-70%

New Delhi, March 28 (IANS) Domestic equities ended the FY24 on a bullish note, with Nifty up 28.6 per cent and the broader market gaining 60 per cent-70 per cent, according to Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services. Nifty closed with gains of 203 points at 22327 levels, with all sectors in the green.

The major markets will remain closed on Friday, and on Monday, the market will react to global cues such as the US announcement of Q4 GDP and core PCE price data, as well as US Fed Chair Powell’s speech. Khemka expects the market to maintain its positive momentum with a focus on large-cap stocks and government-centric stocks with the upcoming election in April.

Shilpa Rout, AVP – Derivatives Research at Prabhudas Lilladher, noted that both indices showed positive momentum on Thursday, with Nifty breaking above resistance at 22,200 and potentially heading towards the 23,000 mark. Bank Nifty, still below 48,000, may test levels of 49,500/50,000 with aggressive long bets. Rollovers have been high at 87 per cent until Wednesday.

In conclusion, the domestic equities market showed strong performance at the end of FY24, with Nifty and broader market indices registering significant gains. Expectations are for the positive momentum to continue, with a focus on large-cap and government-centric stocks, as well as potential movements in the auto sector. Investors will be closely watching global cues and key data releases for further market direction.