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The Nifty 50, which represents the country’s top 50 blue-chip companies across various sectors, has notched up several record highs this month, posting a nearly 2% gain. The mid- and small-cap stocks, on the other hand, have continued their winning momentum in CY24.
Nifty 50 closes flat after hitting a new high at 22,297 points. The short-term outlook remains positive with resistance at 22,400. 10 out of the 50 constituents of the index achieved new record highs. In terms of sector-specific performance, Nifty Media jumped by 1.36%.
Space-related stocks surged up to 7% in early trade after the Union Cabinet approved amendments in the FDI policy for the space sector, allowing 100% FDI. This move aims to attract overseas players and private companies. MTAR Technologies saw a 7% surge in intraday trade.
The company's shares, valued at ₹120 apiece in November 2021, have surged by 518% to reach the current price of ₹742 per share. A significant portion of this increase occurred over the past five months, with the stock rallying 160%.
Shares of Campus Activewear jumped by 12.6% in today's intraday trade, reaching ₹275.80 apiece. This uptick in shares came after 40,65,000 shares of the company changed hands in a block deal window on Wednesday.
NBCC (India) shares surged 4.3% to ₹147.40 after securing orders worth ₹369.05 crore, including projects for Rani Lakshmi Bai Central Agricultural University and Telangana High Court. The stock gained 208% in last six months.
Nifty 50 reaches new record high amidst bullish sentiment. Optimism remains despite widening valuation gap. Market volatility expected globally due to national elections. Kotak Mahindra Bank, HDFC Bank, and HUL struggle post weak Q3 results.
Extending its winning streak for the fifth straight session, the Nifty 50, representing India's top 50 companies, soared to yet another all-time high of 22,200 points in today's session, surpassing its previous high of 22,124 touched on January 16.
Indian markets soared to new heights on Wednesday, 29 November 2023, as they achieved the historic $4 trillion market cap milestone for the first time.