Nifty 50 surge over 22,900 for first time

The benchmark Nifty 50 index witnessed a remarkable surge on May 23, jumping over 300 points to cross the 22,900 mark for the first time ever. The Nifty was previously trading at 22,794.7. Additionally, the Nifty Midcap index reached a record high of 52,380, showcasing the broad-based strength of the market rally.

The rally was led by Adani Enterprises and Axis Bank, which gained around 5.6 percent and 3.6 percent, respectively. Other notable gainers included L&T (2.99 percent), Adani Ports (2.35 percent), and IndusInd Bank (2.30 percent).


On the other hand, the May 23 trading session witnessed Sun Pharma and Power Grid as notable losers, falling 3.19 percent and 2.84 percent respectively on the back of weak fourth-quarter earnings. Hindalco, Coal India, and NTPC were among the other laggards.

The Nifty’s breakthrough past the 22,900 mark signifies the unwavering bullish sentiment in the market, fueled by optimism surrounding corporate earnings, economic recovery, and favorable global cues. Investors cheered the impressive performance of several heavyweight stocks, propelling the index to unprecedented levels.