📷 Image Credits: Moneycontrol
The Indian markets witnessed a significant surge today as the Sensex hit a record high of 76,000 and the Nifty crossed the 23,100 mark. The rally was primarily led by banking and IT stocks, with major contributors including HDFC Bank, ICICI Bank, and L&T. Divi’s Lab emerged as the top gainer on the Nifty 50, trading 4 percent higher. The company’s strong performance in the January-March quarter of FY24 resulted in brokerages raising their price targets for the stock.
In the broader market, the BSE Midcap index gained 0.6 percent, while the BSE Smallcap index gained 0.1 percent. However, volatility remained high due to the upcoming general election outcome. The India VIX index rose by 5.3 percent to 22.9 around noon.
Sector-wise, the Nifty Bank and Nifty IT indices were among the top gainers, rising by 1.4 percent and 0.9 percent, respectively. In contrast, Nifty Energy and Nifty Media indices fell by 0.5 percent each.
Market experts are gearing up for a week of potential volatility ahead of the election outcome, with several key events lined up including the exit poll on June 1, monthly F&O expiry on May 30, US and India’s GDP data releases, US PCE inflation data on May 31, and May auto sales data on June 1. Investor confidence remains high, supported by optimism around the general elections and a decline in oil prices.
Technical analysts suggest that the Nifty 50 could find support at 22,900, followed by 22,850 and 22,800. On the upside, immediate resistance levels are seen at 23,050, 23,100, and 23,200.
Key gainers on the Nifty included Divis Labs, IndusInd Bank, L&T, HDFC Bank, and Adani Ports, while key losers were Wipro, ONGC, Eicher Motors, Adani Enterprises, and Grasim. Among the Sensex gainers were IndusInd Bank, HDFC Bank, L&T, Bajaj Finance, and ICICI Bank, with Wipro, NTPC, Maruti Suzuki, and Sun Pharma being the top losers.
Stocks like Torrent Pharmaceuticals and Bosch witnessed significant gains following positive quarterly results and growth outlook. The overall market sentiment remains optimistic, with traders closely monitoring various economic and corporate developments for further cues.