BENGALURU: India’s Nifty 50 hit a lifetime high on Monday on the back of a record-setting rally powered by local investors that saw the benchmark briefly breach the 20,000-point milestone for the first time ever.
The blue-chip Nifty 50 rose as much as 0.95% to 20,008.15, led by financials, auto and metals stocks, while the S&P BSE Sensex settled 0.79% higher at 67,127.08.
The more domestically focused small-caps and mid-caps extended their outperformance over the blue-chips, rising 1.14% and 1.33%, respectively, and hit fresh record highs.
“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 has helped Nifty achieve this landmark,” said Dhiraj Relli, managing director and chief executive at HDFC Securities.
Indian shares extend gains to hit over 5-week high
Twelve of the 13 major sectoral indexes ended higher. Heavyweight financial stocks led the table with a 0.83% rise, adding to gains from Friday after the Reserve Bank of India said it would discontinue the maintenance of the incremental cash reserve ratio.
Investors will now look ahead to India’s retail inflation data for August and industrial output figures for July, due on Tuesday. Retail inflation likely eased in August, from a 15-month high in July, to 7%, according to a Reuters poll of economists.
Among individual stocks, Adani group stocks gained between 1.3% and 8%, respectively, after promoters raised their stake in Adani Enterprises and Adani Ports and Special Economic Zone. Adani Enterprises and Adani Ports were among the top Nifty 50 gainers.
Apollo Hospitals gained 2.22%, also among top Nifty gainers, after global brokerage UBS reiterated “buy”, citing healthy demand.
Shares of sugar companies like Praj Industries, Balrampur Chini Mills, Dwarikesh Sugar Industries and Dalmia Bharat Sugar and Industries gained between 1.9% and 15%, following the launch of a global biofuel alliance at the G20 summit to boost the use of cleaner fuels.
Comments
Comments are closed.