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Taking Stock: Market at fresh all-time high; Nifty closes above 22,950, Sensex up 1,197 pts

Biggest Nifty gainers included Adani Enterprises, Adani Ports, Axis Bank, L&T, M&M, while those on the losing side were Sun Pharma, Power Grid Corp, Hindalco, Coal India and NTPC.

May 23, 2024 / 16:08 IST
Market At Record High

Bulls were back in action on Dalal Street with benchmark indices hitting fresh record highs with Nifty closing shy of the coveted 23,000 mark amid buying across the sectors barring metal and pharma, ignoring hawkish Fed minutes.

At close, the Sensex was up 1,196.98 points or 1.61 percent at 75,418.04, and the Nifty was up 369.90 points or 1.64 percent at 22,967.70.

Amid mixed global cues, the Indian indices opened flat with Nifty around 22,600. However, as the day progressed, the market geared up and extended its gains with Nifty hitting fresh record high of 22,993.60 and Sensex 75,499.91, intraday.

Nifty Midcap 100 index also touched fresh high of 52,452.65, intraday; closing at 52,418.55, up 0.48 percent.

Biggest Nifty gainers included Adani Enterprises, Adani Ports, Axis Bank, L&T, M&M, while those on the losing side were Sun Pharma, Power Grid Corp, Hindalco, Coal India and NTPC.

BSE Midcap index up 0.5 percent and Smallcap index up 0.3 percent.

Except metal and pharma, all other sectoral indices ended in the green with auto, bank and capital goods up 2 percent each.

Among individual stocks, a volume spike of more than 300 percent was seen in GMR Airports Infrastructure, ITC, Jubilant FoodWorks.

IndexPricesChangeChange%
Sensex84,478.6712.16 +0.01%
Nifty 5025,879.150.00 +0.00%
Nifty Bank58,381.950.00 +0.00%
Nifty 50 25,879.15 0.00 (0.00%)
Fri, Nov 14, 2025
Biggest GainerPricesChangeChange%
Asian Paints2,879.40109.60 +3.96%
Biggest LoserPricesChangeChange%
Eternal297.75-11.05 -3.58%
Best SectorPricesChangeChange%
Nifty Metal10588.6046.10 +0.44%
Worst SectorPricesChangeChange%
Nifty PSU Bank8303.05-56.70 -0.68%

A long build-up was seen in Adani Enterprises, Adani Ports and Voltas, while a short build-up was seen in Deepak Nitrite, Lupin and Vedanta.

More than 200 stocks touched their 52-week high on the BSE, including Adani Enterprises, Adani Ports, Ashok Leyland, Aurobindo Pharma, Bharti Airtel, Divis Labs, Eicher Motors, Indian Bank, M&M, Oberoi Realty, Solar Industries, UNO Minda, among other stocks. Click to view full list

Outlook for May 24

Aditya Gaggar Director of Progressive Shares

Bulls dominated today's trade and the Index kept on compounding its gains to end the weekly expiry trade at a record level of 22,967.65 with gains of 369.85 points. Barring Pharma, all sectors ended the session in green with Auto and BankNifty being the performers. Major buying was witnessed in the Index-based stocks, resulting in an underperformance by the Broader markets.

On the daily chart, Nifty50 has given a breakout from an Ascending Triangle Formation, indicating a continuation of an uptrend with an approximate target of 23,850. Considering today's sharp uptick, we expect a pullback in the Index where a level of 22,780 will be considered as immediate support.

Ajit Mishra – SVP, Research, Religare Broking

The session turned out to be highly favorable for participants as the Nifty reclaimed its record high, gaining over one and a half percent. After a flat start, the Nifty steadily climbed throughout the day, inching closer to the significant 23,000 mark, primarily driven by substantial buying in select heavyweight stocks.

Sector-wise, the auto, banking, and IT sectors were the top performers, while defensive sectors like pharma and FMCG lagged slightly. Amidst this, the broader indices underperformed the benchmark, closing flat to marginally in the green.

We anticipate the prevailing positive trend to continue, with the alignment of the banking index potentially adding further momentum. We are now targeting the 23,100-23,400 zone for the Nifty, with the 22,600-22,800 zone expected to provide support in case of any pullback. Investors should focus more on heavyweight stocks and remain selective in the midcap and smallcap segments.

Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

Rakesh Patil
first published: May 23, 2024 03:50 pm

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