Nifty 50 hits record high for 4th straight day, just 41 points away from 21,000
Also Read: Stellar rally! Nifty 50 jumps 1,159 points in just 13 sessions Friday's rally has also pushed the market capitalization of the NSE-listed companies to cross the $4 trillion mark for the first time. The positive momentum continued into the following two trading sessions, following the ruling party, BJP's decisive victory in three out of four critical state elections, instilling confidence in political stability for 2024. During Monday and Tuesday's trade, the Nifty 50 surged by 2.07% and 0.81%, and in today's session, it maintained the momentum, reaching a new peak of 20,958.65 points, gaining by 0.50%.
Also Read: Sensex, Nifty 50 settle at fresh closing peaks; investors pocket about ₹3 lakh crore in a day In the current month so far, the index has gained 783.35 points, or 3.90%. Furthermore, the index has risen by 20.75% from its 2023 low of 17,359. Comparing it to the COVID lows of 7,511, the index has delivered a remarkable multi-bagger return of 179%.
2023 has been a remarkable year for the Nifty 50, achieving significant milestones, it surpassed the 19,000 level in June and touched the 20,000 mark in September. Global and domestic markets staged a strong recovery, fueled by investor confidence in the belief that the US Federal Reserve had concluded its rate-hike cycle. This resurgence was further supported by robust institutional inflows.
Following a consolidation phase in October 2023, the index rebounded in November with a notable 5.5% month-on-month gain. This positive momentum was attributed to Foreign Institutional Investors (FII) turning positive after three months, significant retail inflows, and a sharp decline in key commodity prices, including crude oil. Analysts are now advising a shift to
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