Good Friday 2024: Will stock market be open for trading today?

Dalal Street news: The Indian stock market will remain closed for trading across the equity, equity derivative, and SLB segments on Friday, March 29, 2024, in observance of Good Friday 2024. Trading across various segments, including derivatives, equities, securities lending and borrowing (SLB), currency derivatives, and commodity derivatives, remained suspended for the day. Market participants will resume trading activities on Monday, April 1.

Dalal Street concluded its operations for the fiscal year 2024 on a positive note. Benchmark indices NSE Nifty 50 and S&P BSE Sensex witnessed significant gains as investors bid farewell to the fiscal year. The Sensex surged nearly 1,200 points, reaching an intra-day high before settling at 73,651, marking a 0.9 percent increase. Similarly, the Nifty climbed 0.9 percent to reach 22,326.

The fiscal year 2023-24 has been remarkable for Indian equity markets, outperforming other asset classes buoyed by robust economic growth fundamentals, improved corporate earnings, and strong investor sentiment. Both the Sensex and Nifty surged impressively by 25 percent and 29 percent, respectively, underscoring the market's resilience and attractiveness to investors.

Sectoral performance and market resilience

The rally witnessed during the fiscal year was not confined to large-cap stocks alone. Broader markets exhibited exceptional performance, with the Nifty Midcap 100 index surging by 60 percent and the Nifty Smallcap 100 index witnessing a staggering 70 percent increase. This broad-based rally underscores the resilience and strength of the Indian equities market.

Sectoral indices displayed robust growth trajectories, with realty, public sector undertakings (PSU), power, and auto sectors emerging as frontrunners. Noteworthy performances were observed in various sectors, with the realty, CPSE, and infra indices recording gains of over 100 percent during the fiscal year.

Investor sentiment and market outlook

Investors were handsomely rewarded during the fiscal year, with most Nifty 50 shares delivering positive returns. Stocks such as Hero MotoCorp, Bajaj Auto, Tata Motors, Coal India, and Adani Ports witnessed significant gains, more than doubling investors' wealth.

Despite the overall bullish sentiment, certain stocks faced headwinds, with HDFC Bank and Hindustan Unilever experiencing negative returns of 11 percent each. However, market analysts remain optimistic about the long-term outlook, citing favorable factors such as robust economic expansion, potential reductions in interest rates, and consistent market valuations.

Foreign portfolio investors (FPIs) remained bullish on Indian equities, injecting capital worth Rs 2,04,169 crore into the market during the fiscal year. This influx of foreign funds underscores India's status as an attractive investment destination amidst global uncertainties.

Looking Ahead

As India embarks on the new fiscal year, market participants are poised to navigate potential challenges and capitalize on emerging opportunities. While short-term volatility, especially in an election year, remains a possibility, investors are advised to view it as an investment opportunity.

"The market is all-time high, the investors should stay invested in high-quality stocks with good balance sheets and typically with market leaders. Book profits in stocks that have performed well and are trading at higher valuations than the historical averages. The market's long-term outlook remains unchanged, owing to a slew of favorable fundamentals such as strong FPI inflows, lowering commodity prices, a pick-up in credit growth, healthy bank balance sheets, and the capex resurgence," Arvinder Singh Nanda, senior vice president of Master Capital Services.

"For fiscal year 2025, India stands firm as an attractive hub for investments. A confluence of factors, such as robust economic expansion, potential reductions in interest rates, and consistent market valuations, bolster this perspective. In the short term, there could be some volatility, especially in an election year. However, investors should view this as an investment opportunity. We are bullish on PSU, Renewable Energy and healthcare, each presenting compelling growth prospects," Nanda added.