Nifty 50 (NSEI) & Sensex (BSESN) Hit Record Highs Before Closing Flat: Key Market Insights

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  <li>Indian stock market benchmarks, the Nifty 50 and the Sensex closed flat after hitting their fresh record highs in intraday trade on Monday, May 27, on profit booking at higher levels amid mixed global cues.</li>
  <li>After opening higher, the Sensex and the Nifty 50 hit their fresh all-time highs of 76,009.68 and 23,110.80, respectively, during the session. Both indices, however, failed to hold gains, and profit booking at higher levels resulted in mild losses.</li>
  <li>Heavyweight stocks, such as Reliance Industries, ITC, and Mahindra, ended as the top drags on the Nifty 50. On the other hand, HDFC Bank, Axis Bank, and Larsen & Toubro provided the strongest support to the index.</li>
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<p><strong>Indian stock market benchmarks, the Nifty 50 and the Sensex, closed flat after hitting fresh record highs due to profit booking amid mixed global cues.</strong></p>
<h2><strong>Market Performance and Key Indices</strong></h2>
<p>Sensex closed the day 20 points, or 0.03 per cent, lower at 75,390.50, while the Nifty 50 ended 25 points, or 0.11 per cent, down at 22,932.45. The market witnessed a significant spike in volatility as India's VIX jumped nearly 7 per cent to 23.19. The volatility index has surged over 80 per cent in May so far.</p>
<h3><strong>Sectoral Performance</strong></h3>
<p>Mid and smallcaps outperformed the benchmarks. The Nifty Midcap 100 index rose 0.64 per cent, while the Nifty Smallcap 100 index jumped 0.81 per cent. Sectoral indices showed mixed performance with Nifty Media (down 0.97 per cent), Metal (down 0.62 per cent), and Oil & Gas (down 0.55 per cent) ending with significant losses. On the other hand, Nifty Bank (up 0.63 per cent), PSU Bank (up 1.33 per cent), Private Bank (up 0.54 per cent), and Realty (up 0.85 per cent) closed with healthy gains.</p>
<h3><strong>Investor Sentiment and Market Outlook</strong></h3>
<p>Investors are exercising caution and booking profits at peak levels to mitigate potential losses in the event of a knee-jerk reaction following next week's Lok Sabha election results. India's Q4FY24 GDP data, expected on Friday, is also in focus. According to experts, the near-term outlook remains positive, with the index staying above crucial moving averages. However, technical analysts suggest that support lies at 22,900, below which the index might slip towards 22,800. A decisive move above 23,050 might trigger a stronger rally towards higher levels.</p>
<h3><strong>Conclusion</strong></h3>
<p>The Indian stock market experienced a day of consolidation with the Nifty 50 and Sensex closing flat after hitting record highs. Profit booking at higher levels amid mixed global cues led to mild losses. While heavyweight stocks dragged the indices, mid and smallcaps outperformed. Investors are cautious ahead of key economic data and election results. The overall market sentiment remains positive, but technical indicators suggest a cautious approach in the near term.</p>