Rallying to Top: Markets Close On Red After Hitting All-Time Highs; PSBs Leave A Mark As Banking Shares Zoom

The Indian stock market ended the day on a flat note after hitting an all time high in the intraday trade. The BSE Sensex ended the day in red, down by 19.89 points or 0.03 percent at 75,390.50, and the Nifty closed down 24.65 points or 0.11 percent at 22,932.45.

Moreover, Nifty Bank rose by 310.15 points or 0.63 per cent to settle at 49,281.80.

From the Sensex pack, IndusInd Bank, Axis Bank, Bajaj Finance, HDFC Bank, and Tata Steel were among the gainers while Wipro, Sun Pharma, M&M, NTPC, and ITC were among the losers.

BSE Sensex broke the 76,000 mark

On Monday, May 24, during the afternoon trading session, the BSE Sensex made a history by hitting the 76,000 mark for the first time. The Sensex surged 599.29 points to reach 76,009.68 at around 12:49 pm IST.

On the other hand, the Nifty recorded a new all time high, jumping 153.7 points to 23,110.80.

From the Sensex pack, the standout performers during the hours were major banks. Among the major gainers from the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, L&T, and ICICI led the rally whereas Wipro, NTPC, Maruti Suzuki and M&M were among the losers

Market Last week

Prior to this, the stock market last week ended on a mixed note, with Sensex sliding slightly by 7.65 points to 74,410.39. Likewise, the Nifty, after hitting the 23,000 mark for the first time, ended the week with a marginal loss of 10.55 points, settling at 22,957.10.

Election Anticipation

One of the major factor influencing the market sentiments, contributing to the current bullish trend is the the ongoing Lok Sabha Election 2024 as investors are keen watching the ongoing polling phases, with results expected on June 4.