Nifty touches fresh record high of 25,114, led by IT stocks
Aug 28, 2024
Mumbai (Maharashtra) [India], August 28 : Nifty at the National Stock Exchange (NSE) touched a record new lifetime high of 25,114.05 during the trading hour on Wednesday. The sectoral stocks of IT contributed the most to the fresh lifetime high ever of Nifty.
Rate cut hopes in the US and subsequent buying from foreign portfolio investors supported the market.
The sectoral index of IT was trading with a lead of 1.96 per cent with stocks of major IT companies such as LTIMindtree, Wipro, and Infosys are trading as the biggest gainers in the trade.
Stock market opened today nearly flat with Nifty starting above 25,000 and BSE Sensex opening at 81,800.
Over the past few trading sessions, the Nifty was in the tight range despite the positive global cues.
"Finally it has broken through to fresh all-time highs. This opens up possibilities for a strong upmove now. Sector-wise, domestic cyclicals will lead the way while IT is coming back in favour of selective name," said Ajay Bagga, Market and Banking expert.
"This new high has taken some time after the previous high of August 1st, but the markets have weathered the geopolitical newsflow, the disorderly Yen carry trade unwinding moves and the minor panic on an incipient US slowdown leading to a hard landing," he added.
Recognising the improved market trends after the uncertain global developments in recent weeks, Bagga said, "These issues have got digested and factored in and FII flows have improved over the last few days to add to the robust domestic inflows. The structural bull market is back and we expect further upside in the markets.
"The market has entered a consolidation phase with low volatility and this trend is likely to continue in the near future," said V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services.
Later this week, the markets will be reading the first quarter GDP data which is scheduled on Friday.
The Reserve Bank of India, in its latest monetary policy meeting, projected GDP growth for 2024-25 at 7.2 per cent, with growth for Q1 expected at 7.1 per cent.
India's GDP grew by an impressive 8.2 per cent during the financial year 2023-24, continuing to be the fastest-growing major economy.
The Nifty 50 index began on April 22, 1996, with a starting value of 1136.28 points and has crossed the 25,100 milestone today, marking a growth of nearly 22 times.
