Stock Markets Continue To Rally For 7th Consecutive Day, Nifty Breaches 20,000 Level
The top movers are Adani Enterprises and Adani Ports after Adani conglomerate increases its stake in these two group companies
NSE Nifty on Monday breached all-time high of 19,991 and hit the 20,000 level after rallying for seven consecutive days. The Nifty gained 176.40 points in a single trading session and closed at 19,996.
The top movers on Monday were Adani Enterprises, gaining 3.80 per cent and Adani Ports moving 6.96 per cent after Adani conglomerate increased its stake in these two group companies. ONGC, L&T, Bajaj Finance and Coal India were the only losers in today’s session.
Rail-port economic corridor deal to connect India-Middle East- Europe saw railway stocks rallying once again. The top performing stocks included Titagarh wagons and IRFC. All the indices including NIFTY 50, NIFTY IT, NIFTY FMCG, NIFTY AUTO, NIFTY REALITY, Nifty INFRA, closed in green except Nifty Media.
Experts opined this is a festive season rally. As the global outlook also remains positive the Indian market is gaining strength.
Optimism in Market
As per Shrikant Chouhan, Head of Research (Retail), Kotak Securities, "India's resilient growth compared to global macroeconomic headwinds has given investors the confidence to maintain bullish bets and propelled benchmark Nifty past the 20K mark. The 7th consecutive session of gains has come despite persisting selling by foreign institutional investors and other vagaries like inflation, rising dollar, spiking US treasury yields and interest rate hike concerns. While the undertone appears bullish, the market seems to be in an overbought position and hence caution may prevail going ahead."
Pratik Gupta, CEO and Co-head, Kotak Institutional Equities said, “What is really impressive about India’s NIFTY reaching this all-time high level is that it has been driven mainly by local flows in recent months, while FPI flow has been relatively subdued, partly due to limited global interest in Asia funds given the weak outlook for China which has a very high weightage in the region."
