The Indian benchmark equity indices hit their fresh all-time high in the early trading hours on Friday. While, Nifty 50 breached the crucial psychological mark of 23,000, Sensex surged over 75,500 points.
The 30-share BSE Sensex climbed 164.24 points to hit its all-time high of 75,582.28 in early trade on Friday. The NSE Nifty went up by 36.4 points to breach the 23,000 mark for the first time ever. It hit its lifetime peak of 23,004.05.
At 12:19 IST, Sensex was trading at 75,404.69, down 13.35 points. Nifty 50 was down 5.45 points and was at 22,962.20.
As per experts, reasons for the upward movement are positive sentiments among investors ahead of the 2024 Lok Sabha poll results announcement and fresh foreign fund inflows.
The counting of votes and results of the Lok Sabha elections 2024 will be declared on June 4.
Also Read: Bulls boost D-street! Sensex, Nifty record fresh life highs; 5 reasons behind the rally
Also, Foreign Institutional Investors (FIIs) turned buyers on Thursday after days of offloading equities. As per exchange data, equities worth Rs 4,670.95 crore were bought by them on Thursday.
Nifty 50 & it’s long journey to 23,000-mark
Nifty 50 on Friday, May 24, surged past 23,000-mark. However, it is worth mentioning that the rally took longer, as much as 88 sessions, to rise 1,000 points from 22,000 it touched on January 15 this year.
The jump from 21,000 to 22,000 points took 25 sessions, while the rally from 20,000 to 21,000 took 60 trading sessions. Also, the move to 20,000 from 19,000 took 60 sessions.
Nifty 50 heading to 24,000 soon?
Nifty 50’s next watched level is now 24,000. FIIs are expected to further drive market momentum for potential gains.
Also, positive sentiments are seen following RBI’s announcement of Rs 2.11 lakh crore dividend. This could potentially boost government spending on infrastructure, consequently increasing tax collection such as GST and income tax.
Stocks that led Nifty 50 to
In the past 88 sessions, in the Nifty 50 index, Mahindra & Mahindra shares lead the gainers’ pack, shooting over 60 per cent, followed by Bharat Petroleum shares with gain of more than 41 per cent and Power Grid shares up over 33 per cent.
In the same time period, Tata Steel and State Bank of India (SBI) stocks followed closely, rising over 31 per cent each, while Maruti Suzuki India and Bharti Airtel gained 30 per cent each.
On Thursday, May 23, Sensex had jumped nearly 2 per cent to touch a fresh life high of 75,499.91. The broader Nifty 50 index also rallied almost 2 per cent to hit a record-high of 22,993.60 points.
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