The Sensex and Nifty ended FY19 on a high note on Friday, posting their biggest ever gains in the last 9 years. The Sensex closed 128 points higher at 38,629.91 while Nifty ended the fiscal year 54 points higher at 11,624. Notably, the Nifty gained more than 1,510 points in the financial year, making the second highest ever in a fiscal, according to a CNBC TV18 report. The Sensex gained 5,704 points in FY19, the second highest ever in a fiscal. In FY10, the Sensex had gained 7,819 points, while the Nifty had posted a gain of 2,228 points in the same year. FY15 was another year of robust gains with the 30-share Sensex zooming 5,571 points while the Nifty jumped 1,787 points.
Coming back to the major stocks performance today, IndusInd Bank shares closed 2% lower at Rs 1,782.10, while ITC shares ended the session 1.1% lower at Rs 296.70. VEDL, Tata Steel shares closed up 3% higher, emerging as the top gainers in the index. Financials underperformed on the last trading day of FY19, with market breadth favouring advances with midcaps outperforming today. Notably, all sectoral indices posted gains this week; with PSU Bank index emerging as the top gainer. Experts attributed the continuing market rally to robust investor sentiment driven by sustained foreign fund inflows, stronger rupee, and a likely positive outcome of the US-China trade talks, reported PTI.
Meanwhile, in another instance of a PSU issues biting the dust, MSTC shares closed 4% lower than their issue price of Rs 120, to Rs 114.20. Notably, the share made their debut this morning at Rs 111 on BSE, implying a 7.5% discount to issue price of Rs 120.