Benchmark indices reached new highs and buying was seen across sectors

Benchmark indices touched fresh highs on Thursday with Nifty closing just short of the coveted level of 23,000. Buying was seen in all sectors except metals and pharma.

The Sensex opened higher at 74,253.53 before falling briefly to hit an intraday low of 74,158.35. However, the price rose consistently throughout the day and reached a new record high of 75,499.91.

He surpassed his previous all-time high of 75,124.28, which he achieved on April 9.

Nifty 50 opened higher at 22,614.10 and maintaining a consistent gain, climbed to a record high of 22,993.60. However, at the close, Nifty 50 settled at 22,967.65, up 369.85 points or 1.64%.

All other sectoral indices, except metals and pharmaceuticals, ended the session in the green, with automotive, banking and capital goods rising 2% each.

Financial services, IT, real estate, durable goods and oil and gas indexes rose by more than 1%.

Broader market indices rose. The BSE MidCap index gained 0.57% and the BSE SmallCap index gained 0.27%.

Among individual stocks, GMR Airports Infrastructure, ITC, Jubilant FoodWorks saw volume growth of over 300%.

On Nifty50, only seven stocks including Sun Pharma, Power Grid Corp., Hindalco Industries, Coal India, NTPC, Tata Consumer Products and JSW Steel were trading in the red.

Adani Enterprise, Adani Ports & SEZ, Larsen & Toubro, Maruti Suzuki India and Axis Bank recorded the highest gains.

Moreover, long growth was seen in Adani Enterprises, Adani Ports and Voltas, while short growth was observed in Deepak Nitrite, Lupine and Vedanta.

The market capitalization of all companies listed on the Bombay Stock Exchange has increased by 61% since end-March 2023.

Moreover, India’s mcap to GDP ratio has touched a 15-year high of 140.2%, up sharply from 95.8% at end-March 2023, with the combined valuation of all BSE-listed companies touching $5 trillion or over Rs. 46 trillion rupees on May 21 compared to India’s GDP at current prices of 296.6 trillion rupees in FY24.

FMCG giant ITC has announced its fourth quarter results for FY24 along with a final dividend of Rs 7.50 per share for FY24.

Shares of state-owned Power Grid fell more than 4% in early trading as the market digested the public sector company’s report of poor results for the quarter ended in March.

On a global scale, European stocks and US futures rose following upbeat results from Nvidia Corp.

Europe’s Stoxx 600 rose 0.3%, leading a jump in the technology sector. S&P 500 futures pointed to a 0.5% gain at the opening on Wall Street.