Nifty soared more than 308.45 points on Thursday, rising 1.36 per cent to cross the all-time high of 22,906.25 mark. The 30-stock BSE benchmark index Sensex also surged 1,153.86 points to reach all-time hight of 75,407.39 on Thursday afternoon.
Nifty Bank climbed 920.35 points, touching an intraday hight of 48,819.70. PSU stocks in the defence and rail sectors also performed well. Cochin Shipyard which opened at 1660 apiece surged to 1935, recording around 17.5 per cent rise.
Major gainers in the Sensex basket were Larsen & Toubro, Axis Bank, IndusInd Bank, Maruti, Mahindra & Mahindra, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries. However, Sun Pharma, PowerGrid, NTPC and JSW Steel fail to reap the benefits of the rally.
Expert see a list of reasons for the stock market rally, including RBI's record dividend payout and Q4 earnings.
The RBI will pay a record Rs 2.1 lakh crore dividend to the government for FY24. This is more than double the budgeted estimates. This will help the new government taking over after the Lok Sabha elections to cut its fiscal deficit and increase spending on infrastructure.
