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The Indian stock market experienced robust buying interest on Thursday, May 23, pushing benchmark indices, the Sensex and the Nifty 50, to fresh record high levels.
The Nifty 50 opened at 22,614.10 against its previous close of 22,597.80 and surged 1.6 per cent to touch a new high of 22,959.70 during the session.
The Sensex opened at 74,253.53 against its previous close of 74,221.06 and also gained 1.6 per cent to reach an intraday high of 75,407.39.
At around 2:35 pm, the Sensex was trading 1.30 per cent higher at 75,182, while the Nifty 50 was up 1.33 per cent at 22,898.
The Nifty Midcap index and the Smallcap index 100 were up 0.30 per cent and 0.05 per cent, respectively, at that time.
Experts attributed the market rally to a combination of factors, including:
- Easing election-related uncertainties:
- Positive macroeconomic factors, such as the Reserve Bank of India's (RBI) record dividend payout to the Centre for FY24.
- Gains in banking heavyweights, influenced by a significant fall in India's 10-year bond yields.
- Strong buying by domestic institutional investors (DIIs).
- Technical factors, with the Nifty 50 crossing crucial resistance levels.
The market's positive sentiment is expected to continue in the near term, supported by factors such as political stability post-elections and the RBI's accommodative stance.
However, investors are advised to consult certified experts before making any investment decisions.