May 24, 2024
New Delhi, India
Stock Market Highlights:
Indian benchmark indices ended flat in a volatile trading session on May 24, as profit booking at record-high levels and weak global cues took their toll.
Market Performance
The BSE Sensex closed 7.65 points lower, or 0.01%, at 75,410.39 after hitting a fresh all-time high of 75,636.50 during the session. Similarly, the NSE Nifty ended 10.60 points lower, or 0.05%, at 22,957.10 after reaching a new peak of 23,026.40 earlier in the day. Despite these intra-day highs, both indices failed to maintain their gains by the close of trading.
Sectoral Highlights
Telecom and media stocks outperformed, leading the day’s gains. In contrast, the BSE Midcap index rose by 0.2%, while the Smallcap index shed 0.2%, reflecting the overall market’s mixed performance.
Key Movers
- HDFC Bank surged 2%, contributing significantly to gains in both the Nifty and the Nifty Bank indices, the latter closing 203 points higher at 48,972.
- Adani Ports dropped 2%, weighing on the indices.
- Despite the broader market’s pullback, seven Nifty stocks, including Bharti Airtel, Divi’s Laboratories, and Eicher Motors, closed at record highs.
Market Dynamics
The market saw profit booking at record-high levels amid weak global market cues, leading to the flat closing. Despite this, the market recorded gains for the second consecutive week, with both the Nifty and Sensex up by 4% over the period, marking their largest two-week gains in the past five months.
Conclusion
In summary, the Sensex and Nifty ended the volatile session flat amid profit booking and weak global cues. However, telecom and media stocks rallied, highlighting sectoral strength. The indices’ inability to hold record highs suggests caution among investors, yet the overall market trend remains positive with notable weekly gains.
Disclaimer:
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