Nifty rallies 15% in FY24 so far, on track to hit 20,000-mark led by Q1 earnings, FII momentum
macroeconomic outlook even amid mixed global cues. Sensex finally closed 474 points, or 0.71 per cent, higher at 67,571.90 while Nifty closed the day at 19,979.15, up 146 points, or 0.74 per cent, which was a fresh closing high achieved by both indices today. Sensex had hit its fresh record high of 67,619.17 and Nifty also hit a new high of 19,991.85 during the session. This came after Sensex opened 23 points lower at 67,074.34 against the previous close of 67,097.44 following subdued global cues.
However, the index witnessed smart buying in the final hour of trade. Foreign institutional investors (FIIs) pumped ₹3,371 crore in Indian stocks today. FIIs have pulled off a 700 point rally in the Nifty since the 3rd of this month at the start of the earnings season for the first quarter, according to analysts.
The BSE Midcap also hit its fresh record high of 29,671.6 during the session but pared gains and closed at 29,623.67, up 0.05 per cent. The BSE Smallcap index also hit its fresh record high of 34,193.74 during the session but closed 0.19 per cent higher at 34,101.53. Among the sectors and stocks, the top gainers on Nifty included ITC, Kotak Mahindra Bank, Dr Reddy’s Laboratories, ICICI Bank, and Cipla, while the losers were Reliance Industries, Infosys, UltraTech Cement, HCL Technologies, and Bajaj Finserv.
Among sectors, FMCG, bank, and pharma indices rose 1 per cent each, with the Oil & Gas index up 0.5 percent. On the other hand, the IT index was down 0.8 percent, and the power index declined 0.4 per cent. Nifty has rallied by 15 per cent since the beginning of current fiscal (April 1, 2023) and four per cent month till date, said Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.
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