The Indian stock market experienced a resurgence on 17th May 2024, with key indices closing on a high note. Both Sensex and Nifty showed remarkable gains, while the BSE Midcap index reached an all-time high, reflecting renewed investor confidence.

Morning Volatility and Afternoon Gains

The trading day began with a cautious approach, as both market indices opened within a limited range. However, as the day progressed, the market gained momentum, closing the session on a positive note. The Nifty Consumer Durables index led the charge, closing with a substantial gain of 2.2%. Notably, the Nifty Auto and Realty indices also posted significant gains, contributing to the overall market uplift.

Market Closing Figures

At the close of Friday’s trading session, the BSE Sensex stood at 73,917.03 points, marking an increase of 253.31 points or 0.43%. The Nifty followed suit, rising by 62.25 points or 0.28% to reach 22,466.10. This positive trend in the stock market is a welcome development amid the ongoing Lok Sabha elections, which had previously caused significant market declines.

Spotlight on BSE Midcap

The BSE Midcap index’s performance was a highlight of the day, reaching an all-time high. This surge reflects increased investor interest in mid-sized companies, signaling confidence in the broader market’s growth potential.

Sensex Winners and Losers

Among Sensex stocks, M&M emerged as the top gainer, with a remarkable rise of 5.97%. Other notable gainers included JSW Steel, Ultra Cement, Kotak Bank, ITC, and NTPC. On the other hand, shares of TCS, HCL Tech, HUL, Nestle Industries, Bajaj Finserv, Wipro, and Infosys were among the top losers.

Reliance Industries also posted gains, closing at Rs 2,871, up 0.73%. This performance underscores the mixed but overall positive sentiment in the market.

Rupee Strengths Against the Dollar

In the currency market, the Indian rupee showed strength against the US dollar. Opening at 83.50, the rupee touched an intraday high of 83.32 and a low of 83.50 in the interbank forex market. It ultimately closed at 83.33 (provisional), which is 17 paise higher than its previous close. The rupee had closed at 83.50 against the US dollar on Thursday, indicating a positive shift in the currency’s value.

Special Trading Session on 18th May

In response to the recent market fluctuations and to aid recovery, a special trading session has been scheduled for 18th May 2024 (Saturday). This session aims to stabilize the market and provide investors with additional opportunities to make informed decisions.

The stock market’s performance on 17th May 2024, highlighted by the gains in Sensex, Nifty, and the all-time high of the BSE Midcap index, marks a significant rebound. As the Lok Sabha elections continue, investors remain cautiously optimistic, hoping for further stability and growth in the coming days.