Reserve Bank of India (RBI) The stock market returned to a great boom on Thursday due to the approval of the highest ever dividend of Rs 2.11 lakh crore to the government by the BSE and the return of buying by investors. Indian stock markets closed at an all-time high. Sensex and Nifty reached their lifetime high due to tremendous growth in the market. At the end of trading, the Sensex jumped 1196.98 points to close at 75,418.04 points. Similarly, the NSE Nifty climbed 369.85 points to reach 22,967.65 points. Investors earned bumper money today due to the return of tremendous growth in the stock market. Let us tell you that when the market closed on May 22, the market cap of companies listed on the BSE was Rs 4.15 lakh crore, which became Rs 4.20 lakh crore when it closed on May 23. Due to this, investors earned about Rs 5 lakh crore in a day. Stock market experts say that the general election is coming to an end. The situation regarding the election result is getting clear. Its effect was also visible in the stock market today.
There was a bumper rise in the shares of these companies
Among the companies included in the Sensex, shares of Larsen & Toubro, Axis Bank, IndusInd Bank, Maruti, Mahindra & Mahindra, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries gained the most. Shares of Sun Pharma, PowerGrid, NTPC and JSW Steel were trading with losses. The central bank on Wednesday approved dividend payment of Rs 2.11 lakh crore to the central government for the financial year 2023-24. This will be the highest ever dividend payment from the central bank. This is more than double the budget estimate for the current financial year. In the interim budget, the government had estimated a total dividend income of Rs 1.02 lakh crore from the RBI and public sector financial institutions.
Nifty will reach new high
“There was euphoria in the stock market after the record dividend payout was approved,” said Neeraj Chadawar, head of fundamental and quantitative research, Axis Securities. This points to better fiscal conditions and softer bond yields. If the election results are in line with market expectations, we expect Nifty to reach new highs in the first week of June.
Global markets also on the rise
In other markets of Asia, Japan’s Nikkei closed with gains while South Korea’s Kospi, China’s Shanghai Composite and Hong Kong’s Hang Seng were in decline. Most markets in Europe were up in afternoon trading. US stock markets closed in negative territory on Wednesday.
Very positive sign from economic point of view
Santosh Meena, Head of Research, Swastika Investmart Ltd, said, “Nifty reached a record high after the Reserve Bank of India announced a dividend payment of Rs 2.1 lakh crore. This is very positive for the market from a macro-economic perspective. It will have a direct impact on fiscal deficit and bond yields.” Global oil benchmark Brent crude rose 0.33 percent to US $ 82.17 per barrel. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 686.04 crore on Wednesday. On Wednesday, the Sensex rose 267.75 points to close at 74,221.06 and the Nifty rose 68.75 points to close at 22,597.80.
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