Milestone In Bharat Story As Nifty Crosses 20,000 Mark For First Time
The Nifty 50, NSE's benchmark index, crossed the 20,000-mark milestone for the first time in its history on Monday (11 September).
Despite global concerns and weak international cues, India's share market indices have outperformed their overseas counterparts.
At around 3.30 pm on Monday, the Nifty 50 was up 185.45 points to 20,005.40. The S&P BSE Sensex was also up over 557 points to 67,156.
In the past week, both the Nifty 50 and BSE Sensex have witnessed a growth of over 2 percent each.
This surge can be attributed to strong domestic macroeconomic data, a temporary respite in August, and consistent buying from domestic institutional investors.
Recent indicators such as Goods and Services Tax collections, private capital expenditure, credit growth, and the Purchasing Managers' Index for August have all pointed towards a resilient Indian economy, Moneycontrol reported.
Despite challenges like high inflation, elevated interest rates, rising crude prices, an erratic monsoon, and a global economic slowdown, the Indian economy has managed to hold steady.
Starting from April, the Nifty has experienced a remarkable surge of 17 percent, driven by inflows of over $18.9 billion.
During this period, domestic institutional investors purchased Rs 33,397 crore worth of shares.
Additionally, the mid-cap and small-cap indices have witnessed even more substantial rallies, with each rising by approximately 41 percent and 47 percent respectively.
The Nifty has also gained over 3,150 points since it made its 2023 low of 16,828 on 20 March.
Among the top point contributors to the rally since crossing 19,000, Reliance Industries leads the pack, followed by Infosys and Larsen & Toubro. The three stocks together, have contributed nearly half of the 1,000-point surge, CNBC-TV18 reported.
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