In a short trading week, Indian stock markets surged 2%, hitting new milestones. The Nifty index surpassed 23,000 for the first time, driven by sector-wide buying, foreign institutional investor (FII) support, and mixed corporate earnings.
This week, the Nifty50 index gained 455.1 points (2.02%) to close at 22,957.10, after reaching a high of 23,026.40. The BSE Sensex rose by 1,404.45 points (1.90%) to finish at 75,410.39, hitting a high of 75,636.5.
The BSE Large-cap Index increased by 2%. Major gainers included Hindustan Zinc, Bharat Electronics, Adani Power, Adani Enterprises, Hindustan Aeronautics, Adani Total Gas, Coal India, and Adani Energy Solutions, with gains between 6-20%. Losers included Zomato, FSN E-Commerce Ventures (Nykaa), Shree Cements, Sun Pharmaceutical Industries, Bajaj Holdings & Investment, Zydus Lifesciences, and Interglobe Aviation.
The BSE Mid-cap Index rose by 1%. Gainers included Vodafone Idea, UNO Minda, Solar Industries India, Union Bank of India, Aditya Birla Fashion & Retail, Balkrishna Industries, Zee Entertainment Enterprises, and Samvardhana Motherson International. However, Delhivery, Max Healthcare Institute, PB Fintech, Max Financial Services, Deepak Nitrite, and Bayer CropScience fell by 5-7%.
The BSE Small-cap index ended flat. Notable gainers were Garden Reach Shipbuilders & Engineers, Cochin Shipyard, Ddev Plastiks Industries, Bharat Dynamics, Rail Vikas Nigam, PNC Infratech, Finolex Cables, and Dredging Corporation India, with gains up to 29%. On the other hand, Parag Milk Foods, Axiscades Technologies, Global Health, IFGL Refractories, and Dodla Dairy experienced double-digit losses.
In terms of market value, Reliance Industries gained the most, followed by HDFC Bank, Bharti Airtel, and Larsen & Toubro. The biggest losers were Sun Pharmaceutical Industries, Nestle India, and ITC. (Disclaimer: MoneyControl is part of the Network18 group, which is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)
All sector indices ended positively, with the BSE Capital Goods index up 4.7%, the BSE Telecom index up 3.4%, and the Metal, Power, Oil & Gas, and Realty indices each up 2%.
FIIs sold equities worth Rs 1,165.54 crore this week, while Domestic Institutional Investors (DIIs) bought equities worth Rs 6,977.71 crore.
The Indian rupee strengthened against the US dollar, rising 24 paise to end at 83.09 on May 24, compared to 83.33 on May 17.
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