Stock Market today: Nifty crosses 22,800 in a first, Sensex up 650 points
Stock Market today: Sensex gained 774.70 points or 1.04 percent to reach 74,995.76 and the Nifty was up 243.40 points or 1.08 percent at 22,841.20 today (May 23). About 1642 shares advanced, 1639 shares declined, and 111 shares unchanged while BSE Midcap index up 0.5% and Smallcap index up 0.2%.
On the Nifty, the major gainers were Adani Enterprises, Axis Bank, L&T, IndusInd Bank and Adani Ports while losers were Sun Pharma, Power Grid Corp, Hindalco, Coal India, NTPC.
Nifty 50 index hit a record high on Thursday, as RBI’s dividend to the government. The blue-chip NSE Nifty 50 rose as much as 1.08% to 22,841.65 points, an all-time high after RBI approved a record surplus transfer of 2.11 trillion rupees to the government for fiscal 2024.
Deven Choksey, managing director at DRChoksey FinServ said that RBI’s record dividend will have a compounding effect on the expenditure and consumerisation of the economy.
The higher dividend from the RBI will improve the government’s cash position, which is a positive for banking stocks, analysts said.
