Bank stocks help Nifty scale 22,900 for the first time

Over the last one year, Nifty has gained around 24 percent. At 1:40 pm, Sensex had gained around 1 percent and was trading at 74, 699.

The benchmark Nifty 50 jumped over 300 points on May 23 to cross the 22,900 mark for the first time ever. Nifty was previously at 22,794.7. The Nifty Midcap index was also at record high of 52,380.

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The biggest gainers during today’s rally were Adani Enterprises and Axis Bank, which gained around 5.6 percent and 3.6 percent, respectively, followed by L&T, Adani Ports and IndusInd bank, gaining around 2.99 percent, 2.35 percent and 2.30 percent.

On the other hand, among the losers of the May 23 trading session have been Sun Pharma and Power Grid, falling 3.19 percent and 2.84 percent on the back of weak Q4 earnings. Other losers were Hindalco, Coal India and NTPC.

In terms of sectoral indices, the biggest gainers and contributors to the rally were IT, Auto and Bank, which gained around 1.3 percent, 1.2 percent and 1.5 percent.

On today’s rally Nirav Karkera, Head of Research, Fisdom noted that the rally could be a result of the market expecting a favourable election outcome. But he added that there seems to be very limited reason to warrant such a steep run-up today alone. “It is possible that an initial round of buying could have led to technical and algorithmic parameters to trigger a fresh buying signal, which further snowballed with meaningful momentum. FII numbers are a key monitorable at this juncture. It won't be surprising if today has witnessed fresh FII buying participation as well,” Karkera said.

Over the last one year, Nifty has gained around 24 percent. At 1:40 pm, Sensex had gained around 1 percent and was trading at 74, 699.

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