Stock Market

Nifty begins April series flat but ends FY17 with 18.5% returns, Midcap shines

Chillicious News

It was tepid start to the April series, with the Nifty ending flat amid subdued global cues Friday as investors awaited the outcome of GST Council meet due later today. However, the financial year 2016-17 was spectacular not only for benchmarks but also for broader markets and sectoral indices (barring Healthcare & IT).

The 30-share BSE Sensex crossed its earlier record closing high intraday, before ending down 26.92 points at 29,620.50 on profit booking in banking & financials, FMCG and technology stocks.

However, the sharp rally in Reliance Industries’ helped the Nifty close flat at 9,173.75.

The broader markets outperformed benchmarks not only today but also in FY17, with the Nifty Midcap index rising half a percent and 35 percent, respectively.

“Now, all eyes are on the RBI policy meet which is scheduled next week and as a result rate sensitive will continue to trade volatile,” Jayant Manglik of Religare Securities who suggests keeping leveraged positions hedged and avoid contrarian trades.

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More to come…