Nifty hits record high, Sensex rises over 600 points
In Thursday's trading session, the Nifty50 index soared to a record high of 22,806.20 points, after a nearly 1% increase. Concurrently, the Sensex also experienced a significant surge, climbing over 600 points to peak at 74,880.11 points for the day. Despite recent market volatility, these developments indicate robust performance on Dalal Street. Many major market indices also experienced a robust surge throughout intraday trading, buoyed by increases in leading stocks.
Mid-market rally driven by key sectors
The mid-market rally was mainly propelled by information technology, financial, and banking stocks. This is reflected in the gains observed in Nifty IT, Nifty Financial Services, and Nifty Bank. Also, Nifty Auto experienced a rise of over 1%, contributing to the strong momentum.
Top gainers and drags on Nifty50
In today's trading session, the top five gainers on the Nifty50 were Adani Enterprises, Axis Bank, L&T, Adani Ports, and M&M. On the other hand, Sun Pharma, Power Grid Coroporation, Hindalco, Coal India, and NTPC were identified as the top drags. These movements further underscored the day's market volatility which increased by more than 1% during the session.
RBI's record dividend payout fuels market rally
The broader rally on Dalal Street was triggered by the Reserve Bank of India (RBI)'s announcement of a record dividend payout of ₹2.11 lakh crore to the Centre. This figure significantly exceeded earlier predictions, leading to a rebound in shares of financial and banking companies. The market's response was driven by expectations of an improvement in the fiscal deficit.
