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Stock markets: Sensex hits all-time peak of 75,525, Nifty sees modest rise in early trade

The benchmark indices, Sensex and Nifty, displayed encouraging gains in early trade on Friday. The positive momentum witnessed across various sectors further underscored the broad-based nature of the market rally.

Edited By: Anurag Roushan @Candid_Tilaiyan Mumbai Updated on: May 24, 2024 10:10 IST
Sensex hits all time high
Image Source : INDIA TV Stock markets update for May 24.

Stock markets update: Equity benchmark indices opened higher in early trade on Friday amid positive global cues. In the early trade, the 30-share BSE Sensex reached an all-time high as it surged by 104.38 points to 75,525.48. Meanwhile, the Nifty index experienced a modest rise, gaining 15.45 points to stand at 22,983.10. 

In the broader market, all major indices including Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Smallcap opened with gains on Friday. In the sectoral indices, Nifty Bank and Nifty Financial Services followed the rally, while Nifty Auto, Nifty FMCG, and Nifty IT declined marginally in the opening session.

Asian markets

In the Asian markets, selling pressure is high, with Japan's Nikkei index declining by more than 1.17 per cent. Hong Kong's Hang Seng also declined by 1.28 per cent, and the Taiwan Weighted Index followed the declining trend in Asia, losing 64 points to 21,543. In China, the Shanghai Composite Index also declined to 3,110.09.

In the commodity markets, gold prices have declined to 71,500 rupees, down more than 2,000 rupees in just three days after the US Fed announced the minutes of the policy meeting, which indicated no recent rate cuts.

Rupee against dollar 

The rupee appreciated by 12 paise to 83.17 against the US dollar on Friday, tracking a bullish trend in domestic equities, wherein benchmark indices scaled new peaks. Forex traders attributed the rally to Rs 2.11 lakh crore record dividend by the RBI to the government for the fiscal ended March 31. It was more than double the budgeted expectation, helping shore up revenue ahead of a new government taking office.

At the interbank foreign exchange market, the local unit opened at 83.26 and gained further ground to trade at 83.17 against the greenback, registering a gain of 12 paise from its previous closing level.

(With inputs from agencies)

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