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Nifty Hits New High Crossing 24,000 for the First Time

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Published Date: 01 Jul 2024Updated Date: 31 Dec 20246 mins readBy MOFSL

On Thursday, the domestic benchmark indices, Sensex and Nifty 50, reached new record highs for the third session in a row, driven by major heavyweight stocks. The Nifty 50 crossed the 23,900 mark for the first time, hitting a new peak of 23,974 points and nearing 24,000. By the close of the session, the Sensex had risen by 568.93 points, or 0.72 percent, to 79,243.18, while the Nifty had gained 175.70 points, or 0.74 percent, to close at  24,044.50. In the market, 1,128 shares advanced, 2,240 shares declined, and 93 remained unchanged. The BSE midcap index ended flat, while the smallcap index dropped by 0.5 percent.

The Nifty 50's latest 1,000-point gain, from 23,000 to 24,000, has been its second fastest ever, taking just 23 sessions to achieve. Among individual stocks, share prices of 5 Nifty50 stocks namely —UltraTech Cement, Grasim Industries, Reliance Industries, ICICI Bank, and Axis Bank—reached their new 52-week highs during the session. Cement stocks led the charge, with UltraTech Cement up by 4.3% and Grasim Industries rallying by 2.6%. The IT and Power sectors both rose by 1.7 percent, while the PSU Bank index fell by 1 percent.

Additionally the upcoming IPO for Emcure Pharma, opening on July 5, will feature an Rs 800 crore new share sale and 11.43 million shares via OFS.

The Nifty Bank index, after surpassing the 53,000 barrier for the first time, set a new record high of 53,180 points. It has increased by 2.60% over the past four trading sessions, mainly due to strong performances from private sector banks such as IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank. This rise in Bank Nifty reflects renewed investor confidence in the financial health and growth prospects of the Indian banking sector. Banks are essential for the economy, facilitating credit flow, investments, and overall economic growth. Thus, strong performance in banking stocks is a positive signal for the overall economy.

Experts note that the domestic stock market surged for the fourth consecutive day on Thursday, bolstered by strong buying in leading blue-chip stocks. This pushed the Nifty index above the significant 24,000 mark and saw the Sensex reaching a new all-time high, surpassing the 79,000 level with an impressive 400-point gain.

The Indian stock market's bullish momentum was further supported by better-than-expected GDP growth figures. For the July-September quarter of FY24, India's GDP grew at 7.6%, maintaining its status as the fastest-growing major economy. This positive economic outlook has attracted substantial foreign institutional investor (FII) inflows, which have bolstered market confidence. Furthermore, the market has been buoyed by expectations of interest rate cuts in the near future, encouraging investors to buy Indian stocks after recent corrections. The ongoing positive sentiment suggests that the market could continue to see upward momentum in the coming days​.

 

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