Stock markets begin new financial year at a high, 50,000-level Sensex

The Indian financial year started the new financial year on Thursday, with the BSE Sensex rising by more than 520 points, with the board settling at over 50,000 points on purchases by participants amid positive global cues.

At the closing, the 30-share BSE index was up 520.68 points or 1.05% to 50,029.83.

Similarly, the broader NSE Nifty rose 176.65 points, or 1.2%, to close at 14,867.35.

25 stocks ended with gains on the Sensex chart.

IndusInd Bank, Kotak Bank, ICICI Bank, Sun Pharma, Bajaj Finance and Ultratech Cement were the major beneficiaries.

On the other hand, HUL, Nestle, HDFC Bank, TCS, Titan and Tech Mahindra suffered losses.

Binod Modi, Head – Strategy at Reliance Securities, said, “Domestic equity closed the COVID-19 spikes on favorable global cues and recovered sharply mainly due to strong buying in financial and automobile stocks. Strong monthly volumes for March helped auto stocks to attract investor interest. Meanwhile, global oil benchmark Brent crude was down 0.6% at $ 63.95 a barrel.

Elsewhere in Asia, the announcement of the US Infrastructure Incentive Plan boosted investor sentiment worldwide as it boosted profits.

Foreign investors offloaded equity of ₹ 1,685.91 crore in Indian markets on Wednesday, exchange data showed.