Markets kick off FY23 in style with over 1% gain; Sensex recaptures 59,000 mark

NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the lead gainers.

Equity markets began the new financial year with smart gains on Friday, with the Sensex rallying over 708 points to recapture the crucial 59,000-mark following gains in index majors HDFC twins and Reliance Industries, along with foreign fund inflows.

On the first day of trading in the new financial year, the BSE barometer rallied 708.18 points or 1.21% to settle at 59,276.69. During the day, it jumped 828.11 points or 1.41% to 59,396.62.

The broader NSE Nifty advanced 205.70 points or 1.18% to settle at 17,670.45.

From the 30-share Sensex pack, NTPC, PowerGrid, IndusInd Bank, State Bank of India, HDFC, Mahindra & Mahindra, HDFC Bank, Bajaj Finance and Axis Bank were among the lead gainers.

In contrast, Tech Mahindra, Sun Pharma, Dr Reddy's, Titan and Infosys were the laggards.

Elsewhere in Asia, exchanges in Seoul and Tokyo ended lower, while Shanghai and Hong Kong settled in the green. Markets in Europe were mostly trading higher.

Stock exchanges in the U.S. ended on a negative note in the overnight session.