Nifty crosses 22,800 to hit record high
The Nifty50 hit a record high during Thursday’s trading session, while the Sensex surged over 600 points as Dalal Street shrugged off recent volatility.
The Nifty 50 opened at 22,614.10, up 1.6% from its previous close of 22,597.80, and reached a new record high of 22,959.70 during the session.
The Sensex opened at 74,253.53 against its previous finish of 74,221.06, and rose 1.6% to an intraday high of 75,407.39 throughout the session.
Around 2:35 p.m., the Sensex was 1.30 percent higher at 75,182, while the Nifty 50 was up 1.33 percent at 22,898. The Nifty Midcap index and the Smallcap index 100 were up 0.30 percent and 0.05 percent, respectively, at the moment.
Lowered election jitters
The market remains in the green zone as election-related fears fade. As the market anticipates political stability following the Lok Sabha elections, investors are focusing on purchasing quality equities, with the market’s medium- to long-term outlook remaining positive.
Also read: RBI approves record dividend payout of Rs 2.11 lakh crore to govt for FY24
“The Nifty hitting a new record is the market’s message of political stability after the elections. The rally is healthy since it is led by fairly valued large-caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
According to Bernstein, the Indian stock market may enjoy a short-term surge leading up to the Lok Sabha elections or in the week following the results, perhaps pushing the Nifty 50 above 23,000 points. However, this short-term surge may be followed by profit taking.
RBI approved record dividend of Rs 2.11 lakh cr to Govt for FY24
The Reserve Bank of India (RBI) approved a dividend payout of approximately Rs 2.11 lakh crore for the central government in fiscal year 2024, representing a nearly 140% increase over the previous year.
In FY23, the RBI transferred Rs 87,416 crore to the Centre as a surplus.
The Central Board’s 608th Meeting, held in Mumbai, focused on global and domestic economic challenges, as well as potential risks to the outlook.
Also read: Will the Bull Run persist? Factors driving upward trend in Indian Stock Market; What would happen this week?
The RBI said, “During accounting years 2018-19 to 2021-22, owing to the prevailing macroeconomic conditions and the onslaught of the Covid-19 pandemic, the Board had decided to maintain the CRB at 5.50 per cent of the Reserve Bank’s Balance Sheet size to support growth and overall economic activity.”
