Nifty Scales 25,000 Peak Adding Last 1,000 Points In 25 Sessions
The Nifty index has risen 26.8% in the last 12 months and 15.% on a year-to-date basis.
India's benchmark index — NSE Nifty 50 — climbed to a fresh record and surpassed the key psychological barrier of the 25,000 mark as markets opened on Thursday morning.
The landmark has been buoyed by optimistic first-quarter earnings and shrugging off the negative sentiments from the capital tax gains in the Union Budget 2024.
The index recorded a 1,000-point journey in 25 sessions while taking about 11 months to add 5,000 points to the index.
The benchmark took 23 sessions to reach the 24,000 mark, while it surpassed the 23,000 in 89 trading sessions. The gauge took 63 sessions more than it took to touch the 22,000 mark.
The Nifty index has risen 26.8% in the last 12 months and 15.% on a year-to-date basis. During the session, the Nifty 50 companies' market capitalisation rose by over Rs 90,000 crore.
After logging in the best weekly streak in over six years, the index stretched its monthly gains in July. Meanwhile, the S&P BSE Sensex rose by 0.37% during the day to a record of 82,032.
"We are in a bull market and the rally will continue," said Nimesh Chandan, chief investment officer at Bajaj Finserv AMC. "While the celebration is going on even the best of bull markets have correction. If people are trading on the leverage they become vulnerable to even the smallest correction," he said.
Investors must think long-term if they want to participate in the great India story, he said. "This is a good time to revive the portfolios and take some contrarian calls." Start looking at consumer and domestic companies over the international and capex-focused companies, he said.
These levels beyond a point mean nothing as its just a number, according to Vikas Khemani, founder of Carnelian Asset Management. "Its been a good journey and I think India is in one of the most transformation phases and the next 10 is the best for wealth creation." The best way for long-term investors is to stay put, he said.
Nifty's 1000-Points Surge
During the last 1,000 points rally, Oil and Gas Corp., SBI Life Insurance Co., HDFC Life Insurance Ltd., Tata Motors Ltd and Wipro were the top gainers with ONGC surging over 25%.
Meanwhile, Axis Bank Ltd., Bajaj Finance Ltd., IndusInd Bank Ltd., HDFC Bank Ltd. and Tata Steel Ltd. emerged as the top laggards in the last 1000-journey.
Nifty's 5000-Points Surge
Bajaj Auto Ltd., Coal India Ltd., Bharat Petroleum Corp., ONGC and Tata Motors were top gainers in Nifty's 5,000-point rally since Sept. 11, 2023
On the other hand, Bajaj Finance, Asian Paints Ltd. IndusInd Bank, HDFC Bank, abd Kotak Mahindra Bank Ltd. were the laggards.
