Sensex reaches 76K mark and Nifty reaches 23K markBusiness News

May 28, 2024 14:38
Sensex reaches 76K mark and Nifty reaches 23K mark

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The Sensex achieved a new milestone by crossing the 76,000 mark, while the Nifty-50 also surpassed the 23,100 mark due to a surge in frontline stocks. However, the benchmark indices experienced a sharp decline in the last hour of trading due to profit-taking. Last month, on April 9, BSE's benchmark index had reached 75,000. Although the Sensex reached an intra-day high of 76,009, it ultimately closed at 75,390.5, down by 0.03%. Similarly, the Nifty-50 index achieved a new all-time high of 23,110.8 but closed lower at 22,932.45, down by 0.11%. Domestic institutions bought shares worth Rs.922.60 crore, while foreign portfolio investors sold equities worth Rs.541.22 crore. According to Vinod Nair, head of Research at Geojit Financial Services, investors are booking profits at higher levels to avoid any market volatility ahead of the election result. Despite this, better earnings growth, private capex revival, and reduced FIIs selling intensity have been positive triggers in the market. The BSE Mid-cap index gained 0.63%, while the BSE Small-cap index closed flat, losing 0%.

The Indian stock market saw mixed results today, with some sectors gaining and others losing. The BSE's IT, bank, and realty sectors experienced slight gains, while the metal and power sectors saw small losses. The India VIX, which measures market volatility, increased by 6.82% to 23.19, causing some caution among investors. However, a stronger rupee and stable Brent crude oil futures have helped to boost the market, as foreign portfolio investors have decreased their selling. Additionally, the Indian Meteorological Department's recent update predicts above-average rainfall for the upcoming monsoon season, which should help to further stabilize the market. Despite some short-term volatility due to election outcomes, the market is expected to remain optimistic.

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Sensex  Nifty