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Friday’s intraday trading saw the domestic benchmark indices, the Sensex and Nifty 50, reach record highs before ending slightly down as a result of profit-booking in the IT, FMCG, and healthcare sectors. Though the markets were supported by fresh inflows of foreign cash and steady prices of crude oil on international exchanges, traders noted that the dismal trend in global stocks weighed on the sentiments. Vinod Nair, Head of Research at Geojit Financial Services, said that despite the recent US FOMC minutes suggesting a sustained hawkish stance on policy rates, sentiments in the global market remained muted. Get the latest insights on the stock market’s performance, including record highs, profit-booking trends, and expert analysis on future movements. Record Highs and Profit-Booking Impact Friday’s trading session was marked by significant milestones as the Sensex hit a new all-time high of 75,636.50 before closing 8 points lower at 75,410.39. Similarly, the Nifty 50 reached a peak of 23,026.40 but ended the day 11 points lower at 22,957.10. This slight dip was attributed to profit-booking in key sectors such as IT, FMCG, and healthcare. Global Trends and Market Sentiments Despite the support from fresh foreign inflows and stable crude oil prices, the overall market sentiment was dampened by a negative trend in global stocks. The recent US FOMC minutes indicated a continued hawkish stance on policy rates, which contributed to the muted sentiments. Additionally, the decline in US unemployment claims and steady business earnings provided no strong impetus for the Federal Reserve to lower interest rates. Market Outlook by Dharmesh Shah, Vice President, ICICI Securities Dharmesh Shah from ICICI Securities highlighted that the Nifty 50 surpassed the milestone of 22,800, logging a new life high of 23,026. The weekly price action formed a sizable bull candle with a higher high-low, indicating an acceleration…

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Filed under: News - @ May 26, 2024 7:24 pm