Financials lift Indian benchmarks on last trading day of FY24

Bajaj Finserv

28/03/2024 08:16

** Heavyweight financial stocks  .NIFTYFIN  lift Indian
benchmarks on the final trading day of fiscal 2024 
    ** Blue-chips NSE Nifty 50  .NSEI  and BSE Sensex  .BSESN 
add 1.2% each 
    ** If trend holds, Nifty 50 will lock gains in all quarters
of FY24
    ** Analysts expect domestic equities to trade with a
positive bias in the next few months, helped by strong growth
and steady retail and foreign inflows
    ** Full-year corporate earnings in April, national polls,
budget in July, and U.S. elections due later this year will
influence markets and create buying opportunities in FY25, says
Deepak Shenoy, founder and CEO of Capital Mind  
    ** Twelve of the 13 major indexes log gains on the day 
    ** High weightage financial services  .NIFTYFIN  jump 1.5%
after RBI eased norms that mandated lenders to set aside higher
provisions if they bought into alternative investment funds,
that, in turn, invested in the lender's borrowers
    ** Bajaj Finance  BJFN.NS  and Bajaj Finserv  BJFS.NS  are
top gainers on Nifty 50, rising 4.6% and 3.8% respectively
    ** BJFN's housing finance arm begins preparation for IPO,
targeting up to $10 bln valuation, local media reported citing
sources
        

 (Reporting by Hritam Mukherjee in Bengaluru)
 ((Hritam.Mukherjee@thomsonreuters.com;))