Stock markets close FY23 on a high note

Globally too the markets rallied up with foreign institutional investors (FII) being the net buyers

The two Indian stock markets went up on Friday, the last day of FY23, with scrips in most of the sectors ending in green, said experts.

Globally too the markets rallied up with foreign institutional investors (FII) being the net buyers. However, volatility in the market will continue owing to the banking crisis in the US and Europe, they added.

"Indian markets witnessed a smart rally today, led by the large caps and supported by small and mid-caps. Indian markets played a catch-up rally with global markets, which had witnessed two consecutive days of the strong move, while Indian markets were closed yesterday (Thursday) due to a holiday," said Naveen Kulkarni, Chief Investment Officer, Axis Securities.

"Though we have seen a decent rally in the markets this week, we believe that markets may remain volatile in the near term, as the banking crisis in US and Europe has not yet stabilised completely. This is against the backdrop where bond yields in the US have also risen in the past week, which could further escalate banking issues there," he added.

According to Dr. Joseph Thomas, Head of Research, Emkay Wealth Management, the improving sentiments in the developed markets, especially the US, was reflected on the domestic equity markets.