Market at all-time high as Nifty inches closer to 23,000; Adani Enterprises top gainer

Mumbai, May 23: Signalling investor confidence in the economic growth, development and investment prospects of India amid political stability, equity benchmarks surged to fresh all-time highs on Thursday, as shares of Adani Group saw a sharp rise with Adani Enterprises becoming the top gainer.

BSE and NSE benchmarks reached 75,499 points and 22,993 points, respectively, during intra-day trading.

Sensex closed up 1,196 points or 1.61 per cent at 75,418 while Nifty went up 369 points or 1.64 per cent at 22,967 points.

Adani Enterprises was the top gainer in Nifty with 7.84 per cent rise. Adani Ports was also among the top three gainers with a 4.73 per cent rise.

Sun Pharma was the top loser in the Nifty with a fall of 2.87 per cent. After this, Power Grid and Hindalco were among the top three losers.

Most indices including Auto, IT, PSU Bank, Fin Service, FMCG, and Energy closed in the green. Only the Pharma index closed in the red.

A recent report by research firm Bernstein said Nifty could touch the figure of 23,000 around June 4 when the Lok Sabha election results are announced.

According to market experts, the sharp rally in the stock market ahead of poll results reflects an optimistic outlook for the world’s fifth largest economy despite global economic and geopolitical uncertainties.

“India is the shining beacon of stability, growth and resilience in the current global economic order. I am confident that we can soon cross the $5 trillion economy by 2025 as envisioned by Prime Minister Narendra Modi,” said Dr Vijay Kalantri, President -- All India Association of Industries (AIAI) and Chairman, MVIRDC World Trade Centre.

“The record growth in investor wealth and stock market valuation is supported by strong economic fundamentals and progressive government policies,” he added.