Nifty took just 61 sessions to rise from 20,000 to 21,000! A look at its journey from 1,000 | Mint
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Business News/ Markets / Stock Markets/  Nifty took just 61 sessions to rise from 20,000 to 21,000! A look at its journey from 1,000
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Nifty took just 61 sessions to rise from 20,000 to 21,000! A look at its journey from 1,000

The Nifty index hit a new high of 21,006.10, rising as much as 105 points in intra-day deals. It ended at 20,901.15 in the previous session (December 7). It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year.

It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year. (Unsplash)Premium
It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year. (Unsplash)

21k on the Nifty is not just another number but it is history! The benchmark index Nifty hit a new peak, breaching the 21,000 level for the first time ever on Friday, December 8.

The Nifty index hit a new high of 21,006.10, rising as much as 105 points in intra-day deals. It ended at 20,901.15 in the previous session (December 7). It took the Nifty 61 sessions to hit the 21,000 mark after hitting the 20k mark on September 11, this year.

Meanwhile, the Sensex also hit a new high of 69,888.33 in intraday deals today, gaining almost 367 points.

The rise comes after the Reserve Bank of India (RBI) kept the repo rate unchanged at 6.5 percent as expected and raised the FY24 GDP forecast to 7 percent from 6.5 percent earlier. However, it retained the FY24 CPI inflation forecast at 5.4 percent. The Monetary Policy Committee (MPC) of the central bank also retained its stance of remaining focused on “withdrawal of accommodation."

Seconds before the announcement of the RBI’s policy actions, the Nifty 50 scaled the 21,000-mark for the first time.

"n the short term, the market is likely to exhibit a range-bound behavior, with the Nifty expected to fluctuate within the 20,850-21,000 range. Key support levels for the Nifty are between 20,675 and 20,725, while resistance is anticipated in the 20,940-21,000 range.

Similarly, the Bank Nifty is likely to find support in the 46,500-46,650 range, with resistance levels in the 46,925-47,000 range. A period of consolidation around current levels is likely before the initiation of the next phase of the market rally," said Shrey Jain, Founder and CEO SAS Online.

This is the fifth session in the month of December when the Nifty has hit a record high.

Apart from today's policy decision, continued foreign investor inflows, strong macro data, and fall in crude oil prices as well as supporting global market trends have also lifted the index to its peak.

The index has already surged over 4 percent in December so far, giving negative returns in just 1 session of the current month so far. This comes after a 5.5 percent rise in November. Overall, in 2023 YTD, the index has gained almost 15 percent; meanwhile, in the last 1 year, it has advanced almost 13 percent.

Nifty50 - the journey from 1,000 to 21,000

A recent report by NSE informed that Nifty 50 started its voyage in November 1995 with a base value of 1,000 and touched 20,000 on September 11, 2023, taking 27 years, 10 months, and 8 days.

The first 1,000-point rise took Nifty 9 years, 1 month and 10 days. The index hit the 2,000 level on December 14, 2004.

However, the next 1,000-point rise took Nifty just 1 year and 2 months, taking it to the 3,000 mark on Jan 31, 2006. Then, again it took the index 1 year and 10 months, respectively, for the next two 1,000-point gains. The index hit the 4,000 mark on December 4, 2006, and the 5,000 mark on September 27, 2007.

After that, it took Nifty a little over 2 months for the next 1,000-point rise, breaching the 6,000 mark on December 11, 2007.

The journey to 7,000 was one of the longest for the index, taking it 6 and a half years. Then the 8,000 mark was hit in just 4 months on September 1, 2014.

However, it again took Nifty 2 and a half years for the next 1000-point rise, crossing the 9,000 mark on March 14, 2017.

From 9,000, the index touched its 10k mark in just 4 months on July 26, 2017.

While the first 10k mark took almost 22 years, the journey to 20k took only a little over 6 years.

It hit 15k on February 8, 2021, and then in just 2 and a half years, the index climbed the next 5k points to hit 20,000.

Its journey from 20k to 21k took just 61 sessions.

The overall journey of the Nifty 50 index from 1,000 to 20,000 has been eventful through periods of economic growth and downturn. It has created tremendous value for investors over the years.

The Nifty 50 index delivered positive returns in 19 calendar years. Of these, the Nifty 50 delivered greater than 30 percent returns in 7 calendar years, out of which, for 3 calendar years - the returns have been greater than 50 percent.

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Published: 08 Dec 2023, 12:27 PM IST
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