The Nifty 50 hit a fresh high of the 18,000 for the fist time on October 11 led by banking stocks. The journey from 17,000 to 18,000 was relatively quicker than the time taken to cross the last 1,000-point milestone. The index breached 17,000 on August 31, 2021. The 50-stock benchmark took 28 sessions to rally from 17,000 to 18,000. Sensex was trading above 60,300-mark on Monday.
Indian stock market had a spectacular year on the back of the support from retail investors and domestic institutions. The continuous support from the government to ease the stress of the telecom sector, the production-linked incentives for auto and auto-part manufactures helped to life the mood in the stock market amid weak global cues. The Nifty 50 has gained more than 27 per cent so far in 2021.
The benchmark indices rallied on Monday led by the power, auto, banking and realty stocks. At 1110 hours, the Nifty was up 112.45 points or 0.63 per cent up at 18,008.40. Sensex was up 313.37 points or 0.52 per cent at 60,374.50.
“Nifty hits the 18,000 mark, a record high, on the back of strong gains witnessed in banking stocks, particularly HDFC Bank, ICICI Bank, Kotak Mahindra. Even bellwethers such as Reliance Industries contributed to today’s historic move. However, the notable exception today was TCS, which is down 5 per cent, post its results announcement. Advances are almost 3 is to 1, clearly indicating a broad-based rally. Further. open Interest data also provides bullish clues. Bears are nowhere to be seen, and its Bulls all the way so far. Stay invested but be prepared to live with volatility in coming weeks and months,” said Aamar Deo Singh, Head Advisory, Angel One.
“Loose monetary policies across the globe including India & unprecedented buying euphoria have led to Nifty hitting 18,000 levels in the fastest ever bull rally. However, investors should keep booking profits on every rise as if and when a correction happens, it will be sharp. Immediate strong support for Nifty remains at 17,860,” said AR Ramachandran, co-founder & trainer, Tips2Trades
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Source: News18