The broader Nifty closed at 19,996.35, up 0.89 per cent, after trading as high as 20,008.15 during intraday trades. In 52 trading sessions, the Nifty gained 1,000 points from 19,000 to 20,000.
In the second attempt after July 2023, the Nifty finally reached the much-anticipated 20,000 mark. Nifty has reached this milestone due to strong flows from domestic investors and mixed/negative flows from foreigners. "India's recent successes in space and foreign diplomacy have boosted sentiments for Indian stocks in an era when the global situation remains shaky," said Dhiraj Relli, MD & CEO, of HDFC Securities.
The Nifty closed at 19,749.25 on July 20 after increasing to 19,991.85 in intraday sessions, while the Sensex closed at 67,571.9.
The NSE's benchmark index Nifty 50 hit 20,000 for the first time on Monday, thanks to increased inflows from domestic and foreign investors, who are encouraged by the country's excellent economic development prospects in comparison to other global countries.
The broader Nifty closed at 19,996.35, up 0.89 per cent, after trading as high as 20,008.15 during intraday trades. In 52 trading sessions, the Nifty moved 1,000 points from 19,000 to 20,000.
The Sensex gained 528.17 points, or 0.79 per cent, to close at 67,127.08.
20K on the Nifty is only a figure, but it represents history. While we talk about valuations and liquidity, the fact is that a lot is changing in India, and markets may be perceiving this golden decade ahead very differently than cynics!" Sandip Raichura, CEO of Retail Broking and Distribution and Director of Prabhudas Lilladher Pvt Ltd, made the statement.
According to Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, the seven consecutive sessions of gains have come despite persistent selling by international institutional investors and other vagaries such as inflation, increasing currency, spiking US treasury yields, and interest rate hike concerns.
Domestic institutional investors (DII) net bought Rs 366.24 crore of shares on September 11. According to the latest provisional statistics available at the NSE, foreign institutional investors (FII) purchased Rs 1,473.09 crore of domestic shares on a net basis.
PSU banks were the largest gainers, up more than 3%, followed by auto, metals, and energy companies, which gained 1-2%.
Adani Ports and Special Economic Zone Ltd, Adani Enterprises, Axis Bank, Apollo Hospitals Enterprises, and Power Grid Corporation of India were the biggest gainers among the Nifty 50 businesses. Coal India, Bajaj Finance, OCGC, and Larsen & Toubro Ltd were among the biggest losers.
The Nifty Bank index rose 414.3 points to 45,570.7. The Nifty PSU Bank climbed 3.13 per cent to 4,853.85.
Reliance Industries Ltd (RIL) shares rose 1.04 per cent to Rs 2,474.4 apiece.
According to market gurus, investors should reconsider their asset allocation in order to earn some profits.
"At this point, we believe it is prudent for investors to reduce risk by shifting from higher beta stocks to large caps and defensives." We urge that investors adhere to companies with a demonstrated track record of generating wealth for investors through careful capital allocation and effective business operations in the small and mid-cap space', said Pranav Haridasan, MD & CEO, Axis Securities.