E-Paper
Stock market today: These 5 stocks contributed 75% to Nifty's 1,000-point rally
Stock market today: Nifty's rally was propelled by five stocks which contributed over 75 percent to the 1,000-point surge. Details here
Nifty hit fresh all-time high on May 24 amid buoyant investors' sentiment ahead of Lok Sabha election results and fresh foreign fund inflows. The results of Lok Sabha elections 2024 is scheduled on June 4.
BSE Sensex also climbed 164 points to hit its all-time high of 75,582.
NSE Nifty went up by 36.4 points to breach the 23,000 mark for the first time ever and reached its lifetime peak of 23,004.05. But this rally was propelled by five stocks which contributed over 75 percent to the 1,000-point surge. These are: ICICI Bank Ltd, Mahindra & Mahindra Ltd, State Bank of India, Reliance Industries Ltd, and Bharti Airtel Ltd.
Read more: Jefferies' Christopher Wood praises PM Modi: Done more than ‘any other world leader’
ICICI Bank was the largest contributor- over 17.3 per cent- followed by Mahindra & Mahindra and State Bank of India which contributed over 16 per cent and 15 per cent, respectively. Reliance Industries Ltd contributed 15 per cent while Bharti Airtel Ltd contributed 14 per cent.
Read more: Vodafone Idea stock jumps 9%, UBS says ‘buy’ stock as 70-80% upside likely
Meanwhile, HDFC Bank led the pack of index draggers, pulling down the index by 19%, followed by Bajaj Finance and Asian Paints, which pushed it southward by 5% and 4% respectively.
Read more: Adani Enterprises stock recovers $30 billion lost after Hindenburg report
This comes as Sensex surged over 1,000 points while Nifty closed near 23,000 mark on May 23 after the Reserve Bank of India (RBI) announced special dividend of over ₹2 lakh crore.
