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 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 with no gains and losses. 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.
Experts say the rally started in last three months of FY17 is likely to continue in next financial year as well, only if the government comes out with strong solution to non-performing assets and Q4 earnings beat analysts’ expectations. The upside from hereon could be driven only by global liquidity that pushed the Nifty to record high recently, feel experts who expect the Nifty at 9,300 soon.