May 23, 2024 03:55 PM IST
Stock market: Nifty 50 index reached a fresh all-time high of 22,959 and Nifty Midcap index achieved a record high of 19,568.
Stock market today: Five index heavyweights contributed more than 50 per cent to Sensex’s 1,115-point run today. These were: HDFC Bank, Reliance Industries, L&T, ICICI Bank, and Axis Bank as Sensex rose over 1 per cent to reclaim the 75,000 mark hitting a record high of 75,336.44. The surge came after better-than-expected Q4 earnings, RBI’s record dividend payout to government and more certainty about the Lok Sabha elections.
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Nifty 50 index reached a fresh all-time high of 22,959, Nifty Midcap index achieved a record high of 19,568 while Nifty SmallCap index was just 50 points below its peak of 15,973.
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Vishnu Kant Upadhyay, assistant vice president of research and advisory at Master Capital Services, said, “Market sentiment, particularly in the banking sector, improved substantially following the RBI’s record dividend payout to government. The dividend payout is expected to help the government reduce its fiscal deficit and increase capital expenditure.”
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HDFC Bank was the top contributor to the Sensex’s rally as the stock rose almost 2 percent. RIL contributed 145 points to the Sensex while L&T gave 132 points and ICICI Bank added 131 points.
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Axis Bank contributed 89 points to the Sensex today. The stocks gained this much: RIL 1.6 per cent, L&T 3.6 per cent, ICICI Bank 1.9 per cent and Axis Bank 3.3 per cent.
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