Leading Online Desk : Indian stock market Sensex and Nifty hit new record highs on Thursday (23rd). Today's trading Sensex moved close to 75,500. While Nifty touched a new high of 22,993. The Sensex then rose 1,196 points to close at 75,418. While the Nifty settled at 22,967 with an increase of 369 points. Sensex and Nifty gained 1.6 percent each. IT and banking stocks remained the most bullish today.
Meanwhile, the BSE Midcap index closed 0.5 percent higher and the Smallcap index 0.3 percent higher. Meanwhile, all sectoral indices closed in the green except metals and pharma. Auto, bank and capital goods rose 2 percent each.
4.15 lakh crore benefit to investors
The total market capitalization of all listed companies on BSE rose by around Rs 4.15 lakh crore to Rs 421 lakh crore due to today's record rally in the market.
Market highlights
- In today's trading session, the Sensex rose by as much as 1,200 points
- Nifty closed up 1.64 percent
- Nifty Bank Index rose 2 percent
- Shares of Adani Enterprises gained 8 percent, Adani Ports gained 4 percent on the Nifty
What is the reason for Sensex-Nifty boom?
Analysts say fourth-quarter earnings estimates, RBI's record dividend announcement and heightened election certainty have returned bullish sentiment to the stock market. Buying in largecap IT and banking stocks contributed to the market rally.
A strong recovery in the stock market
Domestic markets opened flat on Thursday amid weak global cues. A strong recovery was seen in the market after that. The Sensex touched 75,499 in today's trading session. So 22,990 were passed.
Top Gainers on Sensex
On the Sensex, LT, M&M, Maruti, Axis Bank, Ultratech Cement, IndusInd Bank, Titan, HDFC Bank, ICICI Bank, SBI, Bharti Airtel, Tata Motors remained the top gainers with an increase of 1 to 4 percent. Sun Pharma, Power Grid, NTPC shares fell.
Adani's shares rocketed
Shares of Adani Enterprises rose as much as 7 percent to Rs 3,383 on the Nifty. Shares of Adani Ports rose 4 percent to Rs 1,439. LT, Axis Bank, M&M also rose by 3 percent each. While shares of Sun Pharma, Power Grid, Hindalco fell.
Bank Nifty is also bullish
Bank Nifty rose 2 percent to 48,800 today. Axis Bank, Bandhan Bank, AU Small Finance Bank, IndusInd Bank, HDFC Bank rose by 2 to 3.5 percent on Nifty Bank. Nifty Financial Services gained 2 percent to cross 21,740.
RBI's record dividend
The Central Board of Directors of the Reserve Bank of India (RBI) has approved the transfer of additional dividend of Rs 2.11 lakh crore to the government for the financial year 2023-24, the RBI said in a statement issued on May 22. A record dividend of Rs 2.11 lakh crore approved by the RBI will help the government reduce fiscal deficit, say experts.
Big claim of PM Modi
Prime Minister Narendra Modi has expressed his belief that both the BJP and the stock market will reach new highs on June 4, the day the Lok Sabha election results will be announced. Even before this result, the stock market has registered a new record high. Also recently the market capitalization of BSE listed companies has crossed the mark of 5 trillion dollars.
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