Sensex, Nifty hit all-time peaks after RBI's highest-ever dividend announcement

Record highs for Indian stock market as Sensex hits 75,172.28 and Nifty reaches 22,906.25 with RBI's dividend announcement.

Benchmark equity indices rallied on May 23, with the Sensex and Nifty hitting their lifetime peaks, after the RBI approved the highest-ever dividend of ₹2.11 lakh crore to the government and supported by buying in blue chips Reliance Industries and HDFC Bank.

The 30-share BSE Sensex regained the 75,000 level. It climbed 951.22 points or 1.28% to reach its all-time high of 75,172.28.

The NSE Nifty went up by 308.45 points or 1.36% to 22,906.25 — its record peak.

Among the Sensex firms, Larsen & Toubro, Maruti, Mahindra & Mahindra, Axis Bank, IndusInd Bank, HDFC Bank, Bajaj Finserv, State Bank of India and Reliance Industries were the major gainers.

PowerGrid, Sun Pharma, NTPC and JSW Steel were the laggards.

The Reserve Bank of India will pay a record ₹2.1 lakh crore dividend to the government for the fiscal ended March 31, more than double of budgeted expectation, helping shore up revenue ahead of a new government taking office.

The RBI board, at its 608th meeting on May 22, approved the transfer of surplus, the central bank said in a statement.