The equity markets were in bullish mode on May 29, 2023, leading to the benchmark indices inching closer to all-time high levels. The S&P BSE Sensex rose to 524 points, or 0.83% to notch a high of 63,026 points as compared to the previous run of 62,501.69.
Similarly, the broader NSE Nifty-50 crossed the 18,600-mark to 18,641.20 points in the opening deals against the March 26, 2023 close of 18,499.35 levels. It is now quite close to reaching its previous peak at 18,887.60 registered on December 1, 2022.
In addition, the broader markets also extended the rally in the opening trade on Monday, as the Nifty Next 50 gained 0.68%, the Nifty 100 surged by 0.65%, the Nifty 200 climbed 0.63%, at the same time the Nifty 500 registered a rise of 0.61%.
Similarly, Nifty Bank on Monday recorded a fresh record high and breached the 44,400-level.
At the same time, the broader markets also witnessed gains in tandem with the benchmarks. The S&P BSE mid-cap and small-cap indices experienced a spike of up to 0.5%.
Stock market experts are of the view that the equity market is most likely to continue to trade upside and register new highs before June 5, 2023, the day when the outcome of US debt ceiling talks will be decided.
According to them, the consumer durables and fast-moving consumer goods (FMCGs) segment is expected to aid NSE Nifty-50 and S&P BSE Sensex to hit new highs considering the segment still has a good number of stocks.
The unprecedented growth in domestic equities was witnessed on Monday after the United States reached a deal to raise the debt ceiling limit as well as non-stop buying by foreign institutional investors (FIIs).
US President Joe Biden and House Speaker Kevin McCarthy inked an agreement on May 27, 2023, to avert a default to suspend the US$31.4 lakh crore debt ceiling until 2025, ahead of the June 1 deadline.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.