- Sensex and Nifty 50 hit fresh highs on May 22, aided by rupee recovery and easing tensions
- Nifty 50 rose 0.76% to 23,835.65, while Sensex gained 624 points to 75,807.65
- Financial stocks led gains; Shriram Finance and Wipro rose over 2.5% each
Domestic equity benchmarks Sensex and Nifty 50 extended gains to fresh highs in afternoon trade on Friday, May 22, after the Indian Rupee recovered to Rs 95 per US dollar mark earlier in the session on several positive cues such as stronger rupee, easing geopolitical tensions between US and Iran, and improved sentiment in Asian and global financial markets.
The NSE Nifty 50 rose up to 0.76% to 23,835.65 after a flat opening and BSE Sensex advanced 624 points, or 0.8%, to 75,807.65. As many as 33 of Nifty's 50 stocks are trading in the green. Financial stocks largely led the rally as Nifty Financial Services emerged as the top-performing sectoral index in trade, while Bank Nifty achieved the second top spot so far.
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Among individual stocks, Shriram Finance and Wipro led gains, both rising over 2.5%. Broader markets lagged, with the Nifty Midcap 150 and Nifty Smallcap 250 up about 0.15% each. All sectoral indices traded higher except Nifty IT and Nifty Pharma. The rupee moved below the theshold Rs 96 against the US dollar in early trade, on slight cooling in global crude oil prices, tentative signs of easing geopolitical tensions in the Middle East, and active RBI intervention in the market.
Nifty 50
Brent crude oil cooled near the $104 mark, reducing immediate pressure on the rupee. At the interbank foreign exchange market, the rupee opened at 96.30, and rose 18 paise from its previous close. The local unit extended gains to hit an intraday high of Rs 95.71 against the US dollar. Meanwhile, Commerce and Industry Minister Piyush Goyal on Thursday said the government is considering several steps to contain the widening Current Account Deficit (CAD) amid a weakening rupee and widening trade deficit.
Elsewhere, Asia-Pacific markets ended higher as investors tracked diplomatic moves between the US and Iran aimed at easing tensions in the Middle East. In Japan, the Nikkei 225 surged 2.68% to close at 63,339.07, while the broader Topix index gained 1% to 3,892.46. Elsewhere, South Korea's Kospi edged up 0.41% to 7,847.71, with the tech-heavy Kosdaq index jumping nearly 5% to 1,161.13. Australia's S&P/ASX 200 also climbed 0.41% to finish at 8,657. In Greater China, Hong Kong's Hang Seng index rose 0.81% in late trade, while the mainland's CSI 300 advanced 1.3% to close at 4,845.1.
ALSO READ: Small-Cap Stock Under Rs 50: Central Bank Of India Stock Dips 5% As Govt Plans To Pare Stake Via OFS
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