Stock Market Live: Markets at day high! Nifty above 22,700, Sensex at 74,600; Nifty Midcap 100 at all-time high – Market News

Jubilant FoodWorks’ share price surged over 4% in the early trading session on Thursday, following the company’s report of a seven-fold jump in net profit in the Q4 results year-on-year. The shares soared as much as 4.53%, reaching an intraday high of Rs 502.4 per share on the NSE.

Courtesy: NSE

Larsen & Toubro, Axis Bank, BPCL, ONGC, and Apollo Hospitals are the top gainers on NSE Nifty 50 index whereas the top laggards include Su Pharma, Powe Grid Corp, JSW Steel, Hindalco Industries, Grasim.

The broader index Nifty Midcap 100 touched its all-time high of 52,448.95 during the early trading hours.

“On the daily charts, we can observe that the Nifty is steadily inching higher and has closed with gains for the fifth consecutive trading session. The Nifty has been able to hold on to the gains on account of sector rotation. Today it was FMCG, and Pharma that helped the Index. Overall, the index is steadily inching higher towards the previous all-time high of 22795. Intraday dips should be bought into one should keep a trailing stoploss of 22450 for the long positions,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Foreign institutional investors (FII) sold shares net worth Rs 686.04 crore. However, domestic institutional investors (DII) bought shares net worth Rs 961.91 crore on May 22, 2024, according to the provisional data available on the NSE.

WTI crude prices were trading at $76.95 down by 0.80%, while Brent crude prices were trading at $81.25 down by 0.78%, on Thursday morning.

“Gold may trade with a bearish bias on hawkish FOMC minutes; however, it is to be noted that the FOMC meeting happened before the release of the US data like nonfarm payroll, ISM services, retail sales, etc. All these data were underwhelming; thus, the impact of minutes may not last long,” said Praveen Singh, Associate Vice President of Fundamental Currencies and Commodities at Sharekhan by BNP Paribas.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded flat, 0.01% at 104.90.

The Wall Street or US market fell as soon as the Fed released minutes of the latest policy meeting, which showed Fed officials were disappointed with recent US inflation data. The Dow Jones Industrial Average dropped 201.95 points or 0.51% to 39,671.04. The S&P 500 fell 14.4 points or 0.27% to 5,307.01. The tech-heavy Nasdaq Composite pulled back 31.08 points or 0.18% to 16,801.54.