Stock market| Sensex hits 76,000, Nifty crosses 23,100: Major reasons why
Nifty Bank, Financial Services, FMCG, Metal Pharma, and Healthcare surged while Nifty Midacap100 was up 0.6%, and Nifty Smallcap100 gained 0.9%.
Indian indices hit fresh record highs today (May 27) owing to financial and metal stocks amid strong global cues. Sensex hit new lifetime high of 75,679 while the Nifty50 reached a new peak of 23,043. Nifty Bank, Financial Services, FMCG, Metal Pharma, and Healthcare surged while Nifty Midacap100 was up 0.6%, and Nifty Smallcap100 gained 0.9%.
This comes as foreign investors sold shares worth ₹945 crore on a net basis on May 24 and domestic institutional investors bought ₹2,320 crore in stocks.
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Which stocks opened higher today and which stocks opened lower?
Among Sensex stocks, Tata Steel, Bharti Airtel, JSW Steel, NTPC, HDFC Bank and Kotak Bank opened higher. Wipro, Maruti, M&M, Asian Paints, and Power Grid opened lower. Adani Ports shares surged 3% in early trade as BSE replaced Wipro with the stock in the 30-member Sensex from June 24.
What about Asian markets?
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Asian shares were higher ahead of a busy week of data which includes a key US inflation report. MSCI's broadest index of Asia-Pacific shares outside Japan gained 0.4%.
What about oil prices?
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Oil prices were in a holding pattern in early Asian trading ahead of an OPEC+ meeting on June 2. Brent crude August contract inched up 27 cents to $82.11 a barrel while US West Texas Intermediate (WTI) crude July contract futures rose 30 cents to $78.02.
What about Indian rupee's performance today?
The Indian rupee rose 4 paise to 83.06 against the US dollar in early trade.
