Markets Vault To Fresh Record Highs After RBI's Highest-Ever Dividend Announcement

Markets Vault To Fresh Record Highs After RBI's Highest-Ever Dividend Announcement

The Sensex was up 951.22 points or 1.28 percent at 75,172.28, regaining its 75,000 mark, and the Nifty was up 308.45 points or 1.36 percent at 22,906.25.

Oliviya KunjumonUpdated: Thursday, May 23, 2024, 02:41 PM IST
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Stock Market | Image: Wikipedia (Representative)

The stock markets on Thursday witnessed a stellar rally as both Sensex and Nifty scaled to fresh record highs during the trading hours after RBI's highest-ever dividend announcement.

The Sensex was up 951.22 points or 1.28 percent at 75,172.28, regaining its 75,000 mark, and the Nifty was up 308.45 points or 1.36 percent at 22,906.25.

Major gainers and losers

Among the Sensex firms, Larsen & Toubro, Maruti, Mahindra & Mahindra, Axis Bank, and IndusInd Banks were the major gainers whereas PowerGrid, Sun Pharma, NTPC and JSW Steel were the laggards.

"There are positives and negatives for the market today. The biggest positive is the record Rs 2.11 lakh crore dividend from the RBI to the government," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The Reserve Bank of India (RBI) on Wednesday announced that it will give a massive dividend of Rs 2.1 lakh crore to the government for the fiscal year that ended on March 31.

This amount is more than double what was expected, which is great news for the government's finances, especially as a new government is about to take office.

In Asian markets, Tokyo's stocks went up, but Seoul, Shanghai, and Hong Kong's stocks went down. On Wednesday, Wall Street ended with losses.

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