The Nifty 50 benchmark has crossed 20,000 points due to its strong inflows and macroeconomic indicators.
Recently, the stock market in India saw a notable upswing in day trading, with the Nifty index crossing by 188.2 points or 0.94%. This impressive jump in the stock market resulted in Nifty breaking an all-time record high of 20,008.15, while the 50-issue barometer closed just below 20,000 points at 19,996.35. Despite negative or mixed flows from foreign investors or local investors, an amazing flow helps Nifty to achieve this huge success.
As per Dhiraj Relli, MD & CEO, HDFC Securities Ltd, this significant growth can be marked as India’s recent most successful achievements in space and foreign diplomacy, which helped to boost Indian Stocks, especially in a global situation that remains shaky. Also, Dhiraj mentioned that there were several major gainers among the Sensex firms, including Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle, Mahindra & Mahindra.
However, Bajaj Finance and Larsen & Toubro were the laggards, which are showing less growth as compared to other counterparts. Thus, this huge success has been marked because of the consensus achieved at the G20 summit, which has developed confidence in investors. Also, things like strong profitability and higher-than-expected loan growth data, coupled with lower non-performing assets in PSU banks, have attracted investors’ interest.
Additionally, Vinod Nair, the head of research at Geojit Financial Services, has attributed the recent market rally to the expectation of a decrease in inflation, which is anticipated to come about as an outcome of a powerful drop in vegetable prices.