Stock market reaches record high, but drops before closing due to declines in RIL and ITC.

The stock market in Mumbai experienced a rollercoaster ride on Monday, with the Sensex reaching an all-time high of 76,000 points for the first time ever. This was a significant milestone for the 30-share BSE Sensex, which had a volatile trading day with investors taking profits in the last 30 minutes of trade. Despite the initial gains, the index closed slightly down by 19.89 points or 0.03 per cent at 75,390.50.

Throughout the day, there were fluctuations in the market, with the Sensex climbing by 599.29 points or 0.79 per cent and reaching its peak at 76,009.68. This was due to the rise in banking, financial, and IT shares. However, as the day progressed, investors started to sell their stocks at record levels, causing the index to drop by 835 points and hit a low of 75,175.27.

The broader Nifty of the NSE also saw a decline of 24.65 points or 0.11 per cent, closing at 22,932.45. Similar to the Sensex, the Nifty also hit a new lifetime high of 23,110.80 during the day, but it dropped by 240 points towards the end of the day due to the selling of oil, energy, and FMCG shares.

Unfortunately, the decline in the market was also impacted by the decline of index heavyweight Reliance Industries, which fell by nearly 1 per cent. The selling of stocks in FMCG giant ITC also contributed to the decline in the market.

Despite the dip in the market, the equity benchmarks were still on a record-breaking rally for the third consecutive day. This was in anticipation of the results of the Lok Sabha polls and the positive performance of global markets. The results of the general elections are set to be declared on June 4.

It's worth noting that it took 31 trading sessions for the Sensex to climb 1,000 points and reach the historic 76,000-mark on Monday. The previous milestone of 75,000 points was reached on April 9, taking 21 trading sessions after hitting the 74,000-level on March 6.

Among the Sensex firms, Wipro, NTPC, Sun Pharma, Mahindra & Mahindra, ITC, and Reliance Industries were the biggest laggards. On the other hand, IndusInd Bank, Axis Bank, Bajaj Finance, HDFC Bank, Larsen & Toubro, and State Bank of India were among the major gainers.

The Asian markets, including Seoul, Tokyo, Shanghai, and Hong Kong, all ended in the positive territory. Similarly, European markets were also experiencing growth, with Wall Street ending with gains on Friday. The global oil benchmark Brent crude also saw a rise of 0.38 per cent, reaching $82.44 a barrel.

According to exchange data, Foreign Institutional Investors offloaded equities worth Rs 944.83 crore on Friday. The BSE benchmark closed with a slight decline of 7.65 points or 0.01 per cent at 75,410.39 on Friday, while the Nifty breached the 23,000 mark for the first time but eventually ended with a marginal decline of 10.55 points or 0.05 per cent at 22,957.10.

In summary, the stock market in Mumbai had a volatile day, with the Sensex reaching an all-time high of 76,000 points for the first time. However, towards the end of the day, investors started to sell their stocks, causing the market to close slightly down. Despite this, the market has been on a record-breaking rally for the third straight day, and global markets are also performing well. The results of the general elections are eagerly awaited and will be declared on June 4.

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