Market closes higher on expiry day, NIFTY50 above 22,300, SENSEX gains 655 points
Upstox
2 min read • Updated: March 28, 2024, 5:09 PM
Summary
Benchmark Indices – NIFTY50 (+0.92%) and SENSEX (+0.90%) – closed in green after strong opening. Out of the NIFTY50 space, 45 stocks were advancing. ICICI Bank, State Bank of India, Larsen & Toubro, Bajaj Finance and HDFC Bank were the top contributors to the gains.
Benchmark indices ended the last trading session of the financial year 2023-24 on a positive note. NIFTY50 gained 0.92% or 203 points at 22,326, while SENSEX rose 0.90% or 655 points to 73,651
Intraday, NIFTY50 crossed the 22,500 level, and Sensex traded above 74,100 but pared some gains in the session's last hour. As per experts, monthly expiry seems to have triggered sharp downfall in the last trading hour. Out of the NIFTY50 space, 45 stocks were advancing.
ICICI Bank, State Bank of India, Larsen & Toubro, Bajaj Finance and HDFC Bank were the top contributors to the gains. Reliance Industries, Axis Bank, Shriram Finance, Bajaj Auto and Tech Mahindra weighted.
Except for NIFTY Media all other sectoral indices closed in green. NIFTY PSU Bank (+2.62%), NIFTY Auto (+1.29%), Nifty Metal (+1.25%), NIFTY Pharma (+1.21%) and NIFTY Financial Services surged the most.
NIFTY Smallcap100 closed flat with 0.04% gains, while NIFTY Midcap100 rose 0.50% due to an increase in shares like Bank of Maharashtra (+4.99%), Suzlon Energy (+4.94%) and Kalyan Jewellers (+4.47%).
On the stocks front, shares of ICICI Securities closed 1.72% down after its shareholders approved a proposal to delist the brokerage company from the BSE and the National Stock Exchange (NSE). After the delisting, the firm will become a wholly-owned subsidiary of ICICI Bank.
VIP Industries shares closed with 11.05% gains after the company said the key goal would be to achieve double-digit revenue growth from Q4FY24. The company also aims to improve its market share in the luggage space from the first half of FY25.
SRM Contractors IPO received strong demand from investors. ₹130 crore IPO was subscribed over 86 times as of 5 pm on the final day of bidding. The company’s share are expected to list on April 3.