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Stock market hits fresh record highs, Nifty surpasses 23000-mark

Sensex opened lower at 75,335.45, and ended at 75,410.39, down 7.65 points, or 0.01 per cent.

Stock market hits fresh record highs, Nifty surpasses 23000-mark

Photo: ANI

The benchmark indices on Friday hit fresh record highs with Nifty surpassing the 23,000 mark for the first time.

It took 88 trading sessions for Nifty to rally 1,000 points from 22,000, which it touched on January 15.

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Sensex opened lower at 75,335.45, and ended at 75,410.39, down 7.65 points, or 0.01 per cent.

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It touched a low of 75,244.22 during the day, but also created a fresh all-time high of 75,636.50 in early trades.

On the other hand, the Nifty 50 opened lower at 22,930.75, and at close, it was at 22,957.10, down 10.55 points, or 0.05%.

Nifty 50 touched a low of 22,908.00, and created a fresh peak of 23,026.40 during intraday trades.

Both the indices showed spirited momentum in early trades to surpass the all-time high record they had created in yesterday’s trade.

Among the sectors, oil and gas, capital goods, telecom and media were up 0.5-2%, while FMCG, Healthcare, IT, Metal and Realty were down 0.5% each.

At Sensex, HDFC Bank, Bharti Airtel, Larsen & Toubro, NTPC, and Axis Bank were the top gainers. Tech Mahindra, Asian Paints, ITC, TCS, and Mahindra & Mahindra, ended as the top drags.

While on the Nifty 50, the top gainers were HDFC Bank, Bharti Airtel, BPCL, Larsen & Toubro, and UltraTech Cement.

Adani Ports & SEZ, Tech Mahindra, Mahindra & Mahindra, JSW Steel, Titan and Asian Paints were the top drags.

The broader market indices ended on a mixed note, with the BSE SmallCap down 0.20 per cent and the BSE MidCap down 0.23 per cent.

Stock market currently lacks new catalysts to sustain and extend its gains. Election-related jitters have eased, but speculations will keep the market volatile till the election outcome is announced.

Experts have believed that after the election, market focus will transition to valuations, likely restricting the market’s upside potential.

In the Nifty rally to 23000-mark, Tata Steel and State Bank of India followed closely with advances of over 31 per cent each, while Maruti Suzuki India and Bharti Airtel gained 30 per cent each.

Amid the renewed concerns regarding the US Federal Reserve’s upcoming decision on interest rates, the global markets ended lower.

Data revealed a surge in US business activity alongside increasing inflation, raising expectations that the Federal Reserve will maintain its current stance.

The S&P Global Flash US PMI Composite Output Index jumped from 51.3 in April to 54.4 in May, with reports indicating a significant acceleration in inflation, the second-largest monthly increase in eight months.

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