Nifty breaches 20K, rally set to continue
MUMBAI : Investors added ₹3.37 trillion in wealth on Monday as National Stock Exchange (NSE) of India Ltd’s Nifty index breached the psychologically significant 20,000 mark before ending trading slightly lower. The index soared to an intraday high of 20,008.15 before ending at a record 19,996.35, surpassing its previous high of 19,991.85 made 36 sessions earlier amid persistent institutional flows.
The Sensex, however, ended 432 points below its record high of 67,619.17 hit on 20 July. The success of the G20 summit, which envisaged the creation of an economic corridor linking Europe and the Middle East with India, drove up Adani Ports and Special Economic Zone Ltd and flagship Adani Enterprises Ltd by 7% and 4%, respectively, making them the top Nifty gainers.
The Nifty completed its latest 1,000-point journey from 19,000 to 20,000 in 52 sessions. The gains have been built on solid foreign portfolio investor (FPI) and domestic institutional investor (DII) flows.
FPIs have net invested ₹1.57 trillion so far this fiscal year (FY24), while DIIs, including mutual funds, have purchased shares worth ₹32,555 crore, with almost four-fifths invested in the last month alone. The stocks which contributed the most to the Nifty’s rally from a closing of 16,988.40 on 20 March through Monday’s closing, the period covering the latest market rally, include Reliance Industries, ICICI Bank, Larsen & Toubro, ITC and Bajaj Finance.
The Nifty Midcap 150 Index hit a fresh record high of 15,513.75, while the Nifty Smallcap 250 also hit a new intraday high of 12,503.85, underscoring the retail direct and indirect investment through the mutual fund (MF) route. A bullish Raamdeo Agrawal, the chairman and co-founder of Motilal Oswal Financial
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