The Nifty 50 surpassed the 14,000-mark for the first time ever as equity benchmarks continue to scale new highs hoping that a prolonged monetary stimulus and a Covid-19 vaccine would lead to a quicker-than-expected turnaround from the pandemic-induced recession.
The 50-stock gauge has gained the last 1,000 points — from 13,000 to 14,000 — in 26 trading sessions, starting Nov. 24, surging 8.2%. Of these trades, the index has lost in only four of them as of closing on Dec. 30.
The Nifty 50 has gained 15% this year, as of closing on Dec. 30—its best annual return since 2017. The index is now up nearly 90% from its 52-week low of 7,511, touched on March 24 this year.
The Top Performers
Of the Nifty 50 constituents, 47 have gained in the last 26 sessions.
The top 10 performers include a paintmaker, two metal companies, three PSUs, a drugmaker, and India’s largest port operator, branded jewellery maker, and construction and engineering conglomerate.
Only Power Grid Corp., Bharat Petroleum Corp. and Eicher Motors Ltd. underperformed during this period.
By points, HDFC Ltd. was the top contributor to the final 1,000-point upmove in the Nifty. That’s followed by ICICI Bank Ltd. and Infosys Ltd. Only four of the top 10 point contributors on the Nifty were financials. Other major contributors included Tata Consultancy Services Ltd., Hindustan Unilever Ltd. and ITC Ltd.
The Sectoral Picture
The Nifty Realty Index was the top performer during the last 26 trading sessions, gaining more than 20%. The PSU Bank index, too, rose 20% during the period. The Nifty Metal, Nifty IT and Nifty Media saw double-digit returns, while autos underperformed.
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