The benchmark Sensex at the BSE climbed over 127 points to finish at 38,672.91 Friday — the last trading day of fiscal 2018-19 thereby registering a 17.3 per cent jump in the index during the financial year. The broader NSE Nifty closed at 11,623.90, capping off the financial year with a gain of 14.93 per cent.
While the investors’ wealth grew by Rs 8.83 lakh crore during 2018-19, the market capitalisation (m-cap) of BSE-listed companies stood at Rs 151 lakh crore, though lower than its highest level of 159 lakh crore achieved in August 2018.
The markets received support from both the DIIs and FPIs during the year, though in different time periods. While in the first ten months the DII inflow was strong, the last two months witnessed significant inflow from FPIs.
During the year net inflow into equity mutual funds amounted to Rs 88,830 crore, though in the last two months it was only Rs 8,862 crore. In contrast, the FPIs pumped in a net of Rs 51,113 crore in February and March 2019. However, in aggregate the FPIs have remained net sellers in the financial year with a net outflow of Rs 41,069 crore.
Analysts attributed the continuing market rally to robust investor sentiment driven by foreign fund inflows, stronger rupee and a likely positive outcome of the US-China trade talks. India has also benefitted from an overall weak global growth outlook.
Rising for the second straight day, the 30-share BSE Sensex started off on a strong footing at 38,675 points and touched a high of 38,748.54 before winding up at 38,672.91, recording a rise of 127.19, or 0.33 per cent.
The 50-share NSE Nifty closed at 11,623.90, higher by 53.90 points, or 0.47 per cent, after hovering between 11,630.35 and 11,570.15. On a weekly basis, the Sensex advanced over 508 points, or 1.33 per cent, while the Nifty gained 167 points or 1.45 per cent.
The Sensex advanced 5,704.23 points or 17.30 per cent during 2018-19, while the Nifty jumped 1,510.20 points, or 14.93 per cent.
In the Sensex pack, Vedanta rallied 3.20 per cent Friday, followed by Tata Steel, M&M, Tata Motors, ONGC, Hindustan Unilever, Maruti, Hero MotoCorp, HDFC, Bajaj Finance, SBI, HDFC Bank, HCL Tech, Coal India, Sun Pharma, Infosys, Reliance and Bharti Airtel, rising up to 2.69 per cent. On the other hand, IndusInd Bank emerged as the top loser, dropping 2.08 per cent.
Other major laggards were ITC, Bajaj Auto, ICICI Bank, Axis Bank, Asian Paints, PowerGrid, NTPC, Kotak Bank and L&T, shedding up to 1.10 per cent.
“Market continued the upward movement supported by global cues, which rallied in expectation of US-China trade deal. However, the market is facing resistance while nearing the all-time high.
“Investors are looking ahead to get cues from general election during which earnings growth in Q4 will be inevitable to support the rally,” said Vinod Nair, head of research, Geojit Financial Services.
Sectorally, the BSE metal index gained the most at 2.33 per cent, followed by basic materials (2.10 per cent), healthcare (1.37 per cent) and auto (1.22 per cent).
FMCG, utilities and bankex indices closed in the red, losing up to 0/14 per cent.
Meanwhile, foreign institutional investors (FIIs) bought shares worth a net Rs 3,594.51 crore on Thursday, while domestic institutional investors were sellers to the tune of Rs 2,080.22 crore, provisional data available with BSE showed.
The Indian rupee Friday appreciated by 13 paise to 69.17 against the US dollar intra-day.
At the Interbank Foreign Exchange (forex) market, the domestic unit opened strong at 69.20 but surrendered the gains to slip to a low of 69.32.
However, it clawed back lost ground and finally ended at 69.14, up 16 paise over its previous close. However, during the week, the domestic currency lost 19 paise.
On the global front, US President Donald Trump said trade talks with China are progressing “very well”, as top negotiators from the two countries Thursday began another round of meetings to resolve their tariff dispute.
Elsewhere in Asia, Hong Kong’s Hang Seng rose 0.96 per cent, Shanghai Composite Index was soared 3.20 per cent, Korea’s Kospi gained 0.59 per cent, and Japan’s Nikkei ended 0.82 per cent higher.
In the Eurozone, Frankfurt’s DAX gained 0.37 per cent, Paris CAC 40 rose 0.61 per cent and London’s FTSE was up 0.58 per cent in early deals.
— With PTI inputs