Leaders Online Desk: The Indian stock market created history on Monday (27th). The BSE benchmark Sensex touched the historic 76,000 mark for the first time in today's trading session. While the NSE Nifty hit an all-time high of 22,100. Both indices then retreated from the highs and closed flat. The Sensex ended marginally lower at 75,390, down 19 points. Nifty fell by 24 points to settle at 22,932. The Sensex lost 600 points from its highs to close. Some profit booking was also seen during today's market volatility.
Market developments
- Buy in realty, banking and IT stocks
- Divis Labs Top Gainer on Nifty
- Oil and gas, power index fall
- BSE Midcap gained 0.6 percent
- BSE Smallcap closes flat
What is the situation on the regional front?
On the sectoral front, banks, realty and IT indices closed up 0.5 percent each. While oil and gas, power and media declined by 0.5-1 percent. The BSE Midcap index rose 0.6 percent. While the smallcap index closed flat.
Fluctuations in the market
Sensex was at 75 thousand on April 9. Then on Monday, May 27, it crossed the mark of 76 thousand. Banking and IT stocks led the bullish market today. After the stock market opened, it showed a decline. But after 12 noon Sensex crossed 76 thousand and Nifty crossed 23,100. But the market lost momentum in the latter stages and traded flat.
Which stocks are bullish?
The Sensex opened at 75,655 today. It then touched a new high of 76,009. Shares of IndusInd Bank, Axis Bank, Bajaj Finance, HDFC Bank, LT, SBI, HCL Tech, Hindustan Unilever rose on Senex. While the shares of Wipro, NTPC, Sun Pharma, ITC, M&M, Reliance saw decline.
Divis Lab remained the top gainer on the Nifty. The stock rose 4 percent to cross Rs 4,300. Shares of Divis Labs rose on the back of better-than-expected performance in the January-March quarter. It was at Rs 4,283 in afternoon trade. At the same time, the shares of IndusInd Bank, Axis Bank, Adani Ports, Bajaj Finance also increased by 1 to 2 percent each. While the shares of Adani Enterprises, Wipro, Grasim, ONGC, Eicher Motors fell.
What exactly happened in the market?
A rally in global markets and investor optimism days ahead of the Lok Sabha election results were factors behind the record rally in domestic markets. In the last two sessions, the Indian market hit new highs after the RBI announced a special dividend of around Rs 2 lakh crore. Investors are looking forward to the March quarter GDP figures to be released on May 31, as well as the election results on June 4. Analysts say that due to this, there is some instability in the market.
US stock market indices closed higher on May 24. Asian indices rose today. Japan's Nikkei index closed higher.
Read this:
