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Sensex gains 1,000 points: Key factors behind Friday’s bull run

Sensex,

On the last day of the fiscal year 2022-23, the benchmark Sensex and Nifty gained more than 1%. This is in line with a strong global trend and a lot of buying in index-leading Reliance Industries.

In trading on Friday, the Nifty 50 index was up 1.6% to 17,354.10. To 58,961.51, the S&P BSE Sensex gained 1.73 percent.

The positive momentum in the equity market was also bolstered by fresh inflows of foreign capital.

Among Sensex firms, Dependence Enterprises arose as the greatest gainer as it got around 3%. The other major gainers included HCL Technologies, ICICI Bank, Nestle, Tech Mahindra, Infosys, Power Grid, NTPC, and Axis Bank.

ITC and Asian Paints were the latecomers.

The April series has started off well. One of the main reasons is the relative stability of global markets. In addition, FIIs initiated short-covering and cash market buying in the F&O market. Santosh Meena, Head of Research at Key Swastik Investmart Ltd., stated, “However, given that they started There is still a significant short-covering move in the April series with 91% of their positions in index futures.” “The Nasdaq was the leader of the global equity market last fall due to the rise in interest rates in the United States.” However, it has already recovered 20% from its low, indicating that the bear market is over. It likewise proposes that the market expects a forthcoming top in loan costs in the US,” Mina said.

The equity market has historically performed well in April. In fact, Clever has laid out a momentary base around 16800 level, and it effectively crossed today 20-DMA of 17220 during’s exchanging meeting, which is empowering for the bulls. At 17450, the 200-DMA presents an immediate obstacle; “We can anticipate a move towards 17600 levels above this,” the analyst stated.

On Thursday, “Ramanavami,” the Indian stock market was closed.

On Wednesday, the benchmark BSE 30-share index gained 0.60 percent, or 346.37 points, to 57,960.09. The Nifty ended the day at 17,080.70, an increase of 129 points, or 0.76%.

In the meantime, the benchmark for global oil, Brent crude, decreased by 0.24% to USD 79.08 per barrel.

According to exchange data, foreign portfolio investors (FPIs) were net buyers on Wednesday as they sold 1,245.39 crore worth of stocks.

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