Sensex Adds Over 700 Points; Nifty Ends Nearly 1 Per Cent Higher Driven By Strong Performance Across Sectors

Stock Market Today: Headline indices rebounded from the previous session’s lows on May 23 amid strong performance across most sectors. The headline indices ended the current week on a positive note. The 30-share Sensex ended 769.09 points higher or 0.95 per cent at 81,721.08 level. The Nifty 50 index ended at 24,853.15, up by 243.45 points or 0.99 per cent higher.

Eternal, HDFC Life and Jio Financial Services Lead Nifty Gainers

The Nifty 50 index saw four declines and 46 advances in today’s trade. Shares of Eternal Ltd, HDFC Life Insurance and Jio Financial Services emerged as the top gainers among constituents of the benchmark Nifty as they closed up to 3.63 per cent higher. On the other hand, Sun Pharmaceuticals Ltd, Grasim Ltd, Bharti Airtel Ltd and Bharat Electronics Ltd closed lower by as much as 1.72 per cent on the NSE.

Broader Markets Rebound

Key broader market indices, such as the Nifty MidCap 100 and the Nifty SmallCap 100, rebounded after closing lower in the previous session. The two indices ended in the green, closing higher by up to 0.8 per cent. On May 23 the Nifty FMCG, Nifty IT and Nifty Bank emerged as top-sectoral gainers as they finished higher by up to 1.63 per cent higher. The Nifty Pharma index bucked the trend to close in the red, down by 0.41 per cent.

Global Markets

US Markets ended the session mixed on May 23 amid easing US treasury bond yields and the passing of the new US Tax Bill by the House of Representatives. While the S&P 500 and the Dow Jones Futures index ended flat with a negative bias, closing lower by as much as 0.07 per cent, the tech-heavy Nasdaq composite ended higher by 0.8 per cent. European indices such as the FTSE 100 and DAX Performance Index traded higher by up to 0.16 per cent at the time of writing. However France’s CAC 40 index declined 0.43 per cent. Key Asian indices like the Nikkei 225, Jakarta Composite and Hang Seng traded higher by up to 0.65 per cent and the Shanghai Composite index traded 0.95 per cent lower at the time of writing.

Primary Market Action

Two new public issues closed for subscription on May 23 as the bidding window of Belrise Industries IPO and Dar Credit and Capital IPO closed. Shares of Dar Credit and Capital Ltd will list on the NSE SME platform and shares of Belrise Industries Ltd will list on the BSE and NSE. The tentative listing date for Belrise Industries Ltd and Dar Credit and Capital Ltd is May 28.

Market Cues

Concerns regarding the widening US trade deficit continued after the US House of Representatives passed the new tax bill. Closer home investors are closely monitoring the rising number of Covid-19 cases across India.