News Brief

Sensex Hits New High As RBI Dividend Ignites Market Rally; Nifty Surges Beyond 22,900

Swarajya Staff

May 23, 2024, 03:22 PM | Updated 03:22 PM IST

The BSE building
The BSE building

Indian equity indices were on an uptrend on Thursday (23 May), driven by strong domestic cues, as per a report by NDTV.

As the stock market opened for trading today, investors had cues from two central bankers to consider: Jerome Powell, the head of the US Federal Reserve, and RBI Governor Shaktikanta Das.

Ignoring concerns from Fed officials over slow inflation progress, as revealed in Fed minutes, investors focused on the hefty dividend of Rs 2.1 lakh crore announced by India's central bank for the government.

At 2:36 pm, the Sensex had surged 986 points, or 1.33 per cent, to 75,206, while the Nifty had climbed 303 points, or 1.33 per cent, to 22,900 points.

This marked the first time the Nifty traded above 22,900 points, surpassing the previous level of 22,794 points.

The Nifty midcap index also reached an all-time high, rising 238 points, or 0.46 per cent, to 52,405 points. Meanwhile, the Nifty smallcap index gained 27 points, or 0.17 per cent, to 16,909 points.

The India Volatility Index (India VIX) remained flat at 21.47 points.

According to the HSBC Flash Purchasing Manager's Index (PMI) data released on Thursday, the Indian economy saw a record rise in exports and the sharpest increase in employment in nearly 18 years in May, fuelling the market uptrend.

Among the sector indices, auto, IT, PSU bank, financial services, realty, private banks, and infrastructure were the major gainers.

On the other hand, pharma, FMCG, metal, and energy lagged behind.

The top gainers on the Sensex included Axis Bank, L&T, Maruti Suzuki, M&M, IndusInd Bank, Infosys, Bajaj Finserv, SBI, Titan and ICICI Bank.

The top losers were Sun Pharma, Power Grid, NTPC, JSW Steel, ITC and Tata Steel.

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