Nifty 50 takes just 26 days to jump from 21k to 22k; Tata Consumer, Bajaj Auto, Wipro jump up to 21% in this period
Nifty 50 reaches 22,000 for the first time, while Sensex scales record high of 73,288.78; BSE Midcap and Smallcap indices also hit record highs.
The Nifty 50 and the Sensex, India's equity benchmarks, jumped to hit their fresh all-time highs in morning trade on Monday, January 15, on gains led by IT and banking heavyweights, including the shares of Infosys, TCS, HDFC Bank and Wipro.
The Nifty 50 hit the 22,000 mark for the first time, setting its fresh peak of 22,115.55 while the Sensex scaled its fresh record high of 73,402.16 during the session. The BSE Midcap and Smallcap indices also hit their record highs of 38,162.37 and 44,871.58 respectively.
The Nifty 50 reached the 21,000 milestone on December 8, 2023, so it accomplished a remarkable ascent of 1,000 points in just 26 trading sessions to achieve the unprecedented level of 22,000 on January 15, according to data from Capitalmarket. The swiftest surge of the Nifty 50 index, since the year 2019, was from 16,000 to 17,000 in a mere 21 sessions.
The rally of the benchmark index from the 21,000 to the 22,000 mark has been led by heavyweights from various sectors, including the shares of Tata Consumer, Bajaj Auto, Wipro, Adani Ports and HCL Technologies, jumping 17-21 per cent, as per the current market price.
Shares of Hero Motocorp, ONGC, Tata Motors, Tech Mahindra, LTIMindtree, Reliance Industries, IndusInd Bank, Infosys and Hindalco Industries have gained over 10 per cent in the same period.
The momentum of the market is expected to continue on expectations of robust December quarter earnings, interest rate cuts by the US Fed, healthy macro prints and hopes of political stability after the Lok Sabha elections.
Technical analysts expect Nifty to continue to sustain above the 22,000 level and move further higher.
According to Axis Securities, if Nifty crosses and sustains above the 22,000 level, it would witness buying, leading the index towards 22,200-22,300 levels.
"The important support for the week is around 21,700-21,500. The daily and weekly strength indicator RSI is moving upwards and is quoting above its reference line, indicating a positive bias," said Axis Securities.
For the week, the brokerage firm expects Nifty to trade in the range of 22,300-21,500 with a positive bias.
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