Stock Market Highlights, May 24: Indices end flat after hitting record highs; Nifty below 23,000

Stock market highlights on Friday, May 24: Among sectors, the Nifty Bank, and Private Bank indices added 0.4 per cent each

Closing Bell on Friday, May 24, 2024: Equity markets hit fresh record highs for a second straight day on Friday, lifted by financial shares. The S&P BSE Sensex touched a new high of 75,636.5 in the intraday trade, while the Nifty50 surpassed the 23,000-mark to hit an all-time high of 23,026.

The 30-stock index, eventually, settled at 75,410, down 8 points or 0.01 per cent. The broader 50-stock gauge, on the other hand, slipped 11 points, or 0.05 per cent, to end at 22,957. 

HDFC Bank, Bharti Airtel, L&T, Axis Bank, Maruti, and NTPC were some of the top performing stocks on the BSE benchmark. On the downside, ITC, M&M, TCS, Tech M, Titan Company, and Asian Paints were the top laggards. 

Meanwhile, in the broader market, the BSE MidCap index touched a new peak of 43,778, and the BSE SmallCap 48,353 level. These indices closed 0.23 per cent higher and 0.20 per cent lower, respectively. 

Among sectors, the Nifty Bank, and Private Bank indices added 0.4 per cent each. The Nifty FMCG, on the contrary, fell 0.8 per cent.

 

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Comment :: 'Buy dip around 22,750-22,850 in Nifty'

It's common to see a pause after a strong upward move, and traders should view any dip around 22,750-22,850 in Nifty as a buying opportunity.

While key sectors are contributing to the upward movement, we are now seeing more selective participation. Therefore, it is advisable to focus on stock selection, with a preference for large-cap and large mid-cap stocks.

Views by: Ajit Mishra – SVP, Research, Religare Broking

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Closing Bell :: Nifty fails to hold 23,000

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