What pushed Nifty to new all-time high above 22,800 today: 2 major factors

what pushed nifty to new all-time high above 22,800 today: 2 major factors

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.

Stock market today: Nifty rose over 1 percent and hit a fresh high of 22,852 today (May 23) owing to Q4 earnings meeting estimates, Reserve Bank of India's (RBI) record dividend payout and election certainty. Sensex was up 757 points or 1 percent at 74,978, and Nifty 50 was up 229 points at 22,827 as around 1,639 shares advanced, 1,641 shares declined and 115 shares remained unchanged.

Read more: PM Modi predicts record stock market rally on June 4: ‘Can say with confidence…’

Nifty Bank jumped 1.6% while PSU rail and defence stocks rose as well- GRSE, Cochin Shipyard and Mazagon Dock were up to 20% and PSU rail stocks RVNL and IRFC were also trading 7-8% higher.

Read more: Stock Market today: Sensex reclaims 75,000, Nifty crosses 22,800

These factors contributed to the Nifty crossing 22,800 for the first time ever:

RBI's record dividend payout

Record ₹2.11 lakh crore dividend from the Reserve Bank of India has been declared this week which is expected to help the government contain fiscal deficit. ICRA's chief economist Aditi Nayar said, “The higher-than-budgeted RBI surplus transfer would help to boost the government of India's resource envelope in FY2025, allowing for enhanced expenditures or a sharper fiscal consolidation than what was pencilled into the Interim Budget for FY2025. Increasing the funds available for capex would certainly boost the quality of the fiscal deficit.”

Read more: Adani Enterprises may replace Wipro from Sensex: What it means for Adani Group

Election results

Investors seem more hopeful of a BJP win in the ongoing Lok Sabha elections. Nervousness was seen considering the voter turnout in the first five phases of the elections but there seems to more confidence in the stock market now.

Read more news like this on HindustanTimes.com

OTHER NEWS

3 hrs ago

T20 World Cup: How Rohit Sharma helped Hardik Pandya get his mojo back

3 hrs ago

Is Rishi Sunak's Conservative Party Staring A Wipe Out In UK Elections? Here's What Opinion Polls Say

3 hrs ago

'We are Really Sorry...We've Let The Entire Nation Down': Angelo Mathews After Sri Lanka's 1st Round Exit From T20 World Cup

3 hrs ago

Train Services Soon On World's Highest Rail Bridge In J&K? Here's What We Know

3 hrs ago

'Every Time There's a Question About Virat Kohli...': Vikram Rathour Not Worried Over India Opener's Poor Start to World Cup

3 hrs ago

ENG vs NAM, T20 World Cup: England Stay Alive with Rain-hit Win over Namibia

3 hrs ago

It’s not the government’s intention to kill Naxals to end Naxalism: Chhattisgarh Home Minister Vijay Sharma

3 hrs ago

'I love it...': Virat Kohli's worst T20 World Cup start sparks striking response from Vikram Rathour ahead of Super 8

3 hrs ago

Motorola Razr 50, Razr 50 Ultra confirmed to launch on June 25: All we know so far

3 hrs ago

Video: Rare tornado uproots trees, flips over cars in New Jersey

3 hrs ago

Wayanad, Rae Bareli: Rahul Gandhi's Dilemma | Rahul Gandhi Takes A Dig At PM Modi | N18S | #shorts

3 hrs ago

Modi seizes G7 stage to ambush Biden, Trudeau

3 hrs ago

What Justin Trudeau said after meeting with PM Narendra Modi in Italy

3 hrs ago

Delhi High Court orders Congress leaders to remove tweets against journalist

3 hrs ago

Stock market holiday: Are markets shut on Monday on account of Eid-ul-Adha (Bakri-Eid)?

3 hrs ago

ICC T20 World Cup 2024: Trent Boult confirms retirement! Black Caps speedster says ongoing tournament will be his last for New Zealand

3 hrs ago

Rishabh Pant's 'heartening' comeback: Fielding coach T Dilip reveals method to madness

3 hrs ago

On Actress Suraiya's 95th Birth Anniversary, Take A Look At Her Films With Dev Anand

3 hrs ago

‘Modi govt has not learned from election results’: Asaduddin Owaisi questions UAPA

3 hrs ago

Crew Abandons Cargo Ship Struck By Houthi Missile Attacks In Gulf Of Aden, Says US

3 hrs ago

A clear and present danger: Pope Francis’ AI speech reaffirms India’s stand on harnessing technology for greater good

3 hrs ago

How can chronic kidney ailment patients safeguard against changing seasons and fluctuating temperatures?

4 hrs ago

Vande Bharat Sleeper Trains To Roll Out In 2 Months, Railways Minister Shares Big Update

4 hrs ago

Son of tailor, Narsing Jadhav cracked four competitive exams at the age of 24; aims to be group A officer

4 hrs ago

Periyar University April Results 2024 for UG, PG declared at periyaruniversity.ac.in, direct link here

4 hrs ago

18th Lok Sabha 'One for The Ages': India Gets Its 'Oldest Parliament' in History

4 hrs ago

World Bank, Pakistan teams to visit Jammu and Kashmir projects

4 hrs ago

From Vetri Vasanth To Gomathi Priya, Siragadikka Aasai Cast Pay Revealed

4 hrs ago

‘Over 1 crore flats lying vacant in India; crime to keep assets without utilisation’: G Hari Babu

4 hrs ago

Rare flesh-eating bacteria that can kill in 2 days spreads in Japan

4 hrs ago

AUS vs SCO T20 World Cup 2024: How Will Australia Losing To Scotland Affect England's Super 8s Qualification Chances?

4 hrs ago

Taha Shah defends Sharmin Segal’s performance in Heeramandi, says she could point loopholes in the script: ‘Unfair to judge her so strongly’

4 hrs ago

Jet, SET, go: Indian DJs now play the hottest parties in the world

4 hrs ago

Maldives Launches Probe on Indian Deals while Muizzu was in New Delhi

4 hrs ago

"Admiration for your continued efforts": Amitabh Bachchan beams with pride on global rendition of Abhishek's 'Dus Bahane'

4 hrs ago

We fought very well: Nepal skipper Rohit Paudel on 1-run defeat to South Africa

4 hrs ago

Sharad Pawar 'Thanks' PM Modi For MVA's LS Polls Win, Prithviraj Chavan Predicts 'Change Of Power In Maharashtra'

4 hrs ago

'More like a propaganda move': Italy PM Giorgia Meloni on Putin's ceasefire offer for Ukraine

4 hrs ago

Infosys Q1 Quarterly Results FY 2024-25 Date and Time Announced! BIG update on upcoming earnings details of IT giant

4 hrs ago

Lionel Messi-led Argentina Unveil Copa America 2024 Squad, Ronaldo's Ex-teammate Makes the Cut