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

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

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

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.

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

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

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

3:20 PM

Adani Group stocks rally; Enterprises surges 8%, Ports, Power hit new high

Separately, shares of Adani Ports and Special Economic Zone hit a fresh all-time high of Rs 1,430.6 today, advancing 4 per cent on the BSE in the intraday trade, after a report said the Adani Group is set to invest $3 billion to expand its global ports capacity, targeting substantial acquisitions to strengthen its position along the vital trade corridor connecting India to Europe via Central and West Asia. READ MORE

3:03 PM

Global check:: US, UK stock futures trade up to 0.9% higher

2:55 PM

ALERT:: ITC Q4 net dips 1.3% to Rs 5,020 cr; stock up 1%

ITC today reported 1.3 per cent dip in standalone net profit at Rs 5,020.20 crore for Q4FY24 when compared with Rs 5,086.86 crore in Q4FY23. Revenue from operations grew by 1.4 per cent YoY to Rs 17,752.87 crore from Rs 17,506.08 crore. The company's board declared dividend of Rs 7.50 per share.

2:49 PM

ALERT:: Kranti Inds wins new order for supply of machine parts; stock jumps 6%

2:44 PM

ALERT::KPI Green Energy board okays 1:2 stock split; stock up 1.5%

KPI Green Energy board today approved sub-division of the company's each equity share from the face value of Rs 10 each into two equity shares with a face value of Rs 5 each.