Stock Market Wrap: Sensex, Nifty Hit Record Highs; Auto, IT, Banks Lead the Rally

May 23, 2024

New Delhi, India

Sensex, Nifty Hit Record Highs

Indian benchmark indices reached new record highs on May 23, driven by robust gains in the auto, IT, and banking sectors. The Sensex surged by 1,196.98 points, or 1.61%, to close at 75,418.04, while the Nifty rose by 369.90 points, or 1.64%, to end at 22,967.70.

Market Performance

Key Indices:

• Sensex: Closed at 75,418.04, up 1,196.98 points (1.61%).
• Nifty: Ended at 22,967.70, up 369.90 points (1.64%).

Sectoral Performance:

• Top Performers: Auto, IT, and banking sectors each rose by 2%.
• Laggards: Metal and pharma sectors closed in the red.

Market Highlights

The market rally was broad-based, with significant contributions from major sectors except for metal and pharma. Index heavyweights such as auto, IT, and banking stocks led the gains, reflecting strong investor confidence.

Key Earnings

Notable companies such as ITC, IndiGo, Honasa, and Tata Investment reported their Q4 earnings, further influencing market sentiment.

Institutional Activity

On May 23, foreign institutional investors (FIIs) net sold ₹686.04 crore worth of shares, while domestic institutional investors (DIIs) bought ₹961.91 crore worth of shares, according to provisional data from the NSE.

Global Influence

Positive global cues also supported the Indian markets. European stocks and US futures climbed following optimistic earnings from Nvidia Corp., which bolstered confidence in the global tech sector. Europe’s Stoxx 600 rose by 0.3%, and US futures pointed to a 0.5% gain at the Wall Street open.

Conclusion

The Indian stock market closed at record highs on May 23, driven by strong performances in auto, IT, and banking stocks. Positive earnings reports and supportive global cues contributed to the market’s bullish sentiment, highlighting investor optimism in the domestic market’s growth prospects.