Stellar Rally: Nifty 50 jumps 1,159 points in just 13 sessions
US Federal Reserve will initiate rate cuts in the coming year. This outlook has led to a decline in the yield on the US 10-year Treasury to 4.2% in Friday's trading, marking a three-month low. Buoyed by these favorable factors, the Nifty 50 commenced today's trading at 20,601 points, reflecting a 1.64% gain compared to the previous closing price of 20,267.90 and establishing a new peak at 20,602.50.
Taking the Nifty 50's all-time high of 20,602.50 points into account, the index has jumped 1,159 points or 5.96% in just 13 sessions. Following a downturn in October, the index showcased a strong recovery in November, posting a notable gain of 5.52%, marking the most impressive monthly surge since July 2022. The S&P BSE Sensex also touched a new record high of 68,587 points in today's trading, surpassing its previous best of 67,927.
In the sectoral landscape, Nifty Auto, Nifty Infra, Nifty Energy, Nifty Metal and Nifty Pharma reached new all-time highs in today's trade. Simultaneously, the momentum in mid and small caps continued, with the BSE MidCap and BSE SmallCap indices hitting fresh record highs. On the specific stock front, Adani Enterprise, Adani Ports and SEZ are currently trading with gains of 6% and 5%, respectively.
Meanwhile, shares of Coal India, Larsen & Toubro, NTPC, SBI, ICICI Bank, BPCL, ONGC, M&M, and Bharti Airtel are trading with gains of over 2%. Overall, 44 out of the Nifty 50 constituents are trading in the green. On the flip side, Maruti Suzuki shares are trading with a 1% decline, and other stocks such as Britannia Industries, HDFC Life Insurance, SBI Life Insurance, and Nestle India are trading with marginal cuts of 0.3-0.7%.
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