Markets end last trading day of FY23 in style; Sensex, Nifty rally nearly 2%

Benchmark indices Sensex and Nifty ended the last day of 2022-23 fiscal with nearly 2 per cent jump on Friday in line with firm trends in the global markets and heavy buying in index major Reliance Industries.

Fresh foreign fund inflows also added to the positive momentum in the equity market.

The 30-share BSE Sensex zoomed 1,031.43 points or 1.78 per cent to finish at 58,991.52.

During the day, it jumped 1,108.38 points or 1.91 per cent to 59,068.47.

The broader NSE Nifty climbed 279.05 points or 1.63 per cent to end at 17,359.75.

Among the Sensex firms, Reliance Industries emerged as the biggest gainer as it jumped over 4 per cent.

Nestle, Infosys, ICICI Bank, Tata Motors, Tata Consultancy Services, HCL Technologies, Tech Mahindra and Axis Bank were the other major winners.

Sun Pharma, Asian Paints, Bajaj Finance and Titan were the laggards.

In Asian markets, Seoul, Japan, Shanghai and Hong Kong ended in the green.

European markets were trading with gains during the afternoon trade. The US markets ended in positive territory on Thursday.

"As the financial year drew to a close, the market witnessed an upward trend marked by bullish moves in the banking and IT sectors driven by robust global cues.

"Notably, an increased interest from foreign institutional investors due to the moderation in Indian stock valuations also aided," said Vinod Nair, Head of Research at Geojit Financial Services.

Indian equity markets were closed on Thursday on account of 'Ram Navami'.

The 30-share BSE benchmark advanced 346.37 points or 0.60 per cent to finish at 57,960.09 on Wednesday.

The Nifty climbed 129 points or 0.76 per cent to end at 17,080.70.

Meanwhile, global oil benchmark Brent crude dipped 0.11 per cent to $79.18 per barrel.

Foreign Portfolio Investors (FPIs) were net buyers on Wednesday as they bought equities worth Rs 1,245.39 crore, according to exchange data.