Nifty closes above 20K for first time
NEW DELHI : After a weak start, the markets rebounded well on Wednesday, with Nifty gaining 0.38% and closing above the 20000-mark for the first time, supported by softer inflation data and strong production numbers despite weak global cues. While Nifty ended the day at the record closing high of 20070, Sensex, with gains of 0.38%, closed at 67466.99 and is inching close to its all-time high of 67619.17 seen in July. The mid- and small-caps, which had seen significant corrections on Tuesday, also ended with gains.
“Domestic equities cheered the robust macro data (strong IIP growth and lower inflation) which helped Nifty close above the 20000-mark for the first time," said Siddhartha Khemka, head of retail research, Motilal Oswal Financial Services Ltd. Nifty opened flat, in line with weak global markets, but soon witnessed sharp recovery and ended the day with gains, he added. Strong buying interest was seen in public sector bank stocks and Nifty PSU Bank index ended with gains of over 4%.
Overall, the banking and financial services space saw good investor interest, and stocks in realty, metals, oil and gas, pharma, and telecom were among other prominent gainers. Coal India Ltd, Grasim Industries Ltd, Tata Consumer Products Ltd, Bharti Airtel Ltd and Titan Ltd were key gainers among Nifty stocks. “Nifty crosses 20000, a move of more than 12-13% of this fiscal year.
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