Market closing: Sensex gains 234 pts, Nifty above 11,920; ICICI Bank touches record high

On Monday, 27th May, the 50 share index NSE Nifty50 closed flat at 11,920, surging 76 points or 0.65%, while 30 share BSE Sensex closed at 39,669, gaining 0.59% or 34 points. With only 0.6% recovery today, Indian markets traded flat for consecutive two days. However after the general election results on 23rd May, domestic markets witnessed a gain of over 2 per cent, breaking all time record highs on account of Modi returning to power. While the market could not sustain the upper levels and corrected few points down on Friday, 24th May. 

Naveen Kulkarni, Head of Research, Reliance Securities told Zee Business Online, ''Considering a higher market multiple of 20x (earlier 18x) on FY20E earnings, we upgrade our December Nifty target to 13,000. While there are challenges to consumption led economic growth, but the market offers wide range of value picks. We believe the market is likely to re-rate stocks which are backed by value and earnings visibility.''

Metal, FMCG and infrastructure companies witnessed huge gains during Monday's trading hours. Among sectors, auto, energy and pharma traded low. Meanwhile ICICI Bank share closed at Rs 435.20, after touching all time highs on Monday.

Earlier on Friday, May 24, 2019, the domestic stock market logged strong gains on steady buying demand in index pivotals. The Sensex at the Bombay Stock Exchange settled above the psychological 39,000-mark at 39,434.72 after going up 623.33 points or 1.61 per cent after moving above and below that level in intraday trade. 

The Nifty at the National Stock Exchange spurted 187.10 points or 1.60% to 11,844.10. The Bank Nifty gained 803.45 points or 2.64 per cent at 31,212.55

Indian benchmark indices, Sensex and Nifty 50 surpassed all time record high figures of 40,000 and 12,000 respectively on 23rd May on account of NDA winning Lok Sabha Elections 2019. While BJP alone getting 303 seats in centre, investors on dalal street are expecting gaining streak to continue in near term.