Rally in Indian stocks continues, Nifty scales new peak

Indian stock indices extended gains from the previous session, with Nifty touching its all-time high

New Delhi: Indian stock indices extended gains from the previous session, with Nifty touching its all-time high. The Nifty 50 breached the 20,000 mark for the first time ever on Monday.

This morning, Nifty was at 20,050.70 points, up 0.27 per cent. Sensex was at 67,376.18, up 0.37 per cent with some 400 points lower from its record-high on July 20.

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“As our PM said, this is India’s Amritkal, so medium- to long-term opportunities in the Indian stock market will be fabulous. Any correction due to global factors will be a good buying opportunity in sectors like auto, banking, PSUs, IT, etc.,” said Parth Nyati, Founder at Tradingo.

“Optimism regarding India’s growth prospects in a low-growth world and a fast decelerating China has triggered this rally enabling the Nifty to cross the psychological 20000 mark,” said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“In the near-term, the market is likely to consolidate around the present levels.” The benchmark indices added over 3 per cent each, respectively over the past week, after India’s economy grew firm in the April-June quarter.

Indian economy witnessing a firm GDP growth rate of 7.8 per cent in the first quarter (April-June) of 2023-24 is likely to have improved investors sentiment lately. With a GDP growth of 7.8 per cent, it continues to be the fastest-growing major economy.

For fresh cues, investors now await India’s retail inflation data for August, due at 5.30 pm today.

Retail inflation in India rose sharply in July to 7.44 per cent and in the process breached RBI’s 6 per cent upper tolerance target, largely due to a sharp spurt in vegetable, fruit, and pulses prices.