Stock market today: The Indian stock market experienced strong buying interest on Thursday, May 23, leading to intraday gains of over 1 per cent for both the Sensex and the Nifty 50 benchmarks.

The Nifty 50 opened at 22,614.10 against its previous close of 22,597.80 and jumped over a per cent to hit its fresh record high of 22,860.65 during the session.

The Sensex opened at 74,253.53 against its previous close of 74,221.06 and jumped over a per cent to hit its intraday high of 75,065.36 during the session.

Around 1:40 pm, the Sensex was 1.05 per cent up at 75,003, while the Nifty 50 was 1.06 per cent up at 22,837. The Nifty Midcap index and the Smallcap index 100 were up 0.46 per cent and 0.24 per cent, respectively, at that time.

Experts pointed out the following five key factors that boosted the Indian stock market today:

1. Easing election-related jitters

Ebbing election-related jitters are keeping the market in the green zone. As the market expects political stability after the Lok Sabha elections, investors are focussing on buying quality stocks, as the medium—to long-term outlook of the market remains positive.

“The Nifty hitting a new record is the market’s message of political stability after the elections. The rally is healthy since it is led by fairly valued large-caps,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

According to Bernstein, the Indian stock market may see a short-term rally either leading into the Lok Sabha elections or the week after the results, potentially making the Nifty 50 breach the 23,000 mark. However, this short-term rally may be followed by a profit booking.

Also Read: Lok Sabha Election 2024: Nifty 50 may see a rally to 23,000, but can that last longer? Bernstein answers

(More to come)