Nifty Touches an All-time High of 20,000; Sensex Settles at 67,127 Experts view that the positive gains on both are a result of various factors, with the biggest one being the positive public attitude revolving around India's now concluded G20 Summit of September 9-10.
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
The NIFTY 50, a benchmark Indian stock market index weighting an average of 50 of the NSE's largest Indian companies, crossed the 20,000 mark for the first time on September 11. The index crossed 19,000 on June 28 and fell short eight points in July from touching the mark. It took 52 trading sessions since June to touch the all time high.
Congratulations India! Nifty 50 - Your favorite stock index achieves the historic milestone of 20,000 Points. # NIFTY50 #In dex # Options # Futures # trading #Derivatives #FNO< /a> #NSEIndia @ashishchauhan @NSE_NIFTY @NSEIXGiftNifty @SEBI_India pic.twitter.com/jcAHwoUy3P
— NSE India (@NSEIndia) September 11, 2023
The market opened at 19,890, touched a 52-week high of 20,008.15, and closed at 19,996.35. Reliance Industries, Infosys, and Larsen & Toubro collectively contributed to half of the 1000-points surge. Adani Ports, Adani Enterprises, Apollo Hospitals, Axis Bank and Power Grid Corporation were the biggest gainers on Nifty while Jio Financial, Coal India, ONGC, and Bajaj Finance were some of the biggest otherwise parties. With this triple-digit jump, this becomes the fifth-fastest 1000 point gain.
At the same period, Sensex, BSE's index of top 30 listed companies, crossed 67,000. It was up by 528.17 points when it closed at 67,127.08 with all the sectors being green. Sensex's all time high continues to be 67,619.17.
Experts view that the positive gains on both are a result of various factors, with the biggest one being the positive public attitude revolving around India's now concluded G20 Summit of September 9-10.
Market sentiments
Commenting on the achievement, Ashishkumar Chauhan, MD and CEO of National Stock Exchange said "Nifty 50's progress over last 27 years, since it was launched at initial number of 1,000, shows is a testament to the trust Indian and foreign investors place in India's capital markets and its regulatory, legal system to provide fair, efficient, transparent, low-cost, always available, orderly market place that is better than the best in the world and thought as well as execution leaders in the world not only in terms of trading technologies but also in corporate governance."
India's investing population has been on a rise since 2020. Reports suggest that about five crore households are now directly investing a portion of their savings in equities market.
"Nifty has finally managed to touch the much anticipated 20,000 mark in the second attempt post July 2023. Robust flows from the local investors amidst mixed/negative flows from foreigners has helped Nifty achieve this landmark. Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky. Smallcap and Midcap stocks have run up quite sharply and in some cases unjustifiably so," shares Dhiraj Relli, MD & CEO, HDFC Securities.
