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The NSE Nifty 50 index crossed the 25,000 milestone for the first-time ever in intra-day trades on Thursday, August 01, 2024, backed by strong corporate earnings and with hopes of a likely US Fed rate cut in September.
The NSE Nifty 50 index scaled a high of 25,078.30, and quoted around 25,053 at 09:40 AM - up 0.4 per cent or 102 points. In comparison, its counterpart on the BSE, the BSE Sensex hit a new all-time high at 82,129, and was up 0.4 per cent or 327 points at 82,062.
The Nifty 50 index completed the last 5,000-point journey in mere 221 trading sessions. The Nifty topped the 20,000-landmark for the first-ever time on September 11, 2023. The latest 25 per cent surge has come in less than 11 months.
"The Nifty crossing the 25,000 mark is a significant milestone that reflects robust economic growth, political stability, and strong corporate earnings. This surge boosts investor confidence and indicates the market's positive outlook", said Anirudh Garg, Partner and Fund Manager at INVasset.
In the short term, Nifty could rise further to 26,000, driven by continued domestic consumption, infrastructure spending, and strong participation from Foreign Institutional Investors (FIIs) alongside Domestic Institutional Investors (DIIs), Anirudh added.
On Thursday, Maruti was the top gainer among the Nifty 50 stocks - up over 3 per cent at Rs 13,524 after the company reported 47 per cent YoY (year-on-year) growth in net profit at Rs 3,650 crore, beating analyst expectations.
The metal pack - Hindalco, JSW Steel, Coal India and Tata Steel were the other major gainers, up over 2 per cent each. Among the Nifty heavyweights, HDFC Bank advanced 0.8 per cent, and Reliance added 0.5 per cent.
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Key Movers & Shakers in the latest Nifty 5,000-point run
Bajaj Auto was the biggest per centage gainer, the stock more-than-doubled or zoomed 101 per cent since the Nifty first hit the 20,000-mark in September 2023. The stock was closely followed by BPCL, which gained 93 per cent in the same period.
Coal India, Mahindra & Mahindra, ONGC, Tata Motors and Hero MotoCorp were the other major gainers - up 80 - 90 per cent each. Adani Ports, Power Grid Corporation and NTPC rallied in the range of 70-78 per cent.
Shares of telecom major - Bharti Airtel soared 67 per cent. Sun Pharma, Shriram Finance, Grasim Industries and SBI gained around 50 per cent each.
A total of 28 out of the Nifty 50 stocks outperformed the Nifty 50 by posting gains in excess of 25 per cent during this period.
At the other end of the curve, there were only four stocks with negative returns in the same comparable period. Bajaj Finance declined almost 8 per cent and Asian Paints dropped over 5 per cent. IndusInd Bank and HDFC Bank were down 1 per cent each.
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