Stock Market Highlights, May 23: Indices end at record highs! Sensex soars 1197 pts, Nifty nears 23K
Stock market LIVE updates on Thursday, May 23, 2024: In the broader markets, the S&P BSE MidCap index hit a new high of 43,442.5, while the S&P BSE SmallCap index touched a new lifetime high of 48,229
 "stock markets, Nifty50")
Closing Bell on May 23, 2024: Staging a smart recovery intraday, equity markets hit an all-time high today with benchmark indices surging over 1.5 per cent. The S&P BSE Sensex touched a lifetime high of 75,460 intraday, before closing at 75,418, higher by 1,197 points or 1.61 per cent.
The Nifty50, on the other hand, came within a striking distance of 23,000 as it hit a record peak of 22,989. It ended at 22,968, up 370 points or 1.64 per cent.
In the broader markets, the S&P BSE MidCap index hit a new high of 43,442.5, while the S&P BSE SmallCap index touched a new lifetime high of 48,229. The indices ended slightly off these peaks, up 0.58 per cent and 0.27 per cent, respectively.
Among sectors, the Nifty Bank, Auto, Financial Services, PSU Bank, and Private Bank indices added around 2 per cent each. The Nifty Pharma index was the only loser, down 0.5 per cent.
3:52 PM
Tech View :: 'Expect Nifty to rally to 23,400'
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.
Views by: Ajit Mishra – SVP, Research, Religare Broking
Views by: Ajit Mishra – SVP, Research, Religare Broking
3:51 PM
Tech View :: What levels should you watch on Nifty now?
Nifty
A 1000-point rally from 21,800 levels as shorts get squeezed out of the system as FIIs positioning in long : short ratio bounces from 26% longs. Nifty futures witnesses 2.5% fresh longs on intraday basis today till now.
Nifty manages to cross crucial resistance of 22800+ levels at the back of weekly expiry today and can head towards the 23000 mark by the month end expiry from current levels.
Aggressive put options writing can be seen from base of 22500 PE to all the way till 22800 PE forming strong support base at 22,600/22,700 levels now.
Bank Nifty
A 1000-point rally from 21,800 levels as shorts get squeezed out of the system as FIIs positioning in long : short ratio bounces from 26% longs. Nifty futures witnesses 2.5% fresh longs on intraday basis today till now.
Nifty manages to cross crucial resistance of 22800+ levels at the back of weekly expiry today and can head towards the 23000 mark by the month end expiry from current levels.
Aggressive put options writing can be seen from base of 22500 PE to all the way till 22800 PE forming strong support base at 22,600/22,700 levels now.
Bank Nifty
BankNifty, on the other hand, sees unwinding as FIIs sold approx 1279 cr yesterday, thereby, BankNifty slightly underperforming. Crucial resistance for BankNifty continues to be at its previous ATH of 49000+ levels beyond which BankNifty can see levels of 49500+ levels.
Views by: oni Patnaik, Assistant Vice President, Equity Derivatives Research, JM Financial Services.
Views by: oni Patnaik, Assistant Vice President, Equity Derivatives Research, JM Financial Services.
3:49 PM
Comment :: Why did markets gain on May 23?
he headline index posted a record gain, with leading sectors such as banking and automotive outperforming. The RBI's record dividend is akin to an indirect rate cut, and is expected to reduce bond yields. The broader market remained buoyant, aided by the composite HSBC PMI data for May, which indicated strong expansion. Early onset of southwest monsoon has provided a boost to the domestic market, which was underperforming in the last 2 months to other emerging markets.
Views by: Vinod Nair, Head of Research, Geojit Financial Services
Views by: Vinod Nair, Head of Research, Geojit Financial Services
3:46 PM
New Listing :: Go Digit ends over 12% higher vs issue price
>> Stock listed at Rs 281
>> Stock ends at Rs 305.5
>> Issue price was Rs 272
>> Stock ends at Rs 305.5
>> Issue price was Rs 272
3:44 PM
IPO Update :: Awfis Space issue subscribed 4x; retail portion 12x
3:41 PM
Broader markets :: Mid, SmallCap indices underperform frontline indices
3:40 PM
Sectoral trends :: Financial indices rally 2%, Pharma slips
3:39 PM
Sensex Heatmap :: 27 of 30 index stocks rise on Thursday
3:37 PM
Closing Bell :: Nifty ends near 23,000
3:35 PM
Closing Bell :: Sensex zooms nearly 1,200 pts, ends at record closing
Topics : MARKET LIVE MARKET WRAP Markets Q4 Results Market news Indian stock markets S&P BSE Sensex Nifty 50 Nifty50 Markets Sensex Nifty MARKETS TODAY Global Markets US Federal Reserve
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First Published: May 23 2024 | 7:40 AM IST