Nifty-50 Hits 16,000 - Journey From 8,000 To 16,000
The Nifty-50 index on Tuesday, August 3 touched a new historical high as the index reached a milestone of 16,000. The index marked a record high of 16,000.65 in the morning deals itself.
So far, the index has gained as much as 14 per cent Year-till-Date (YTD), and has gained a whopping 45 per cent in the last one year. Flush of liquidity in the markets thanks to money coming from retail investors, coupled with low-interest rates have kept the stock market a buzz since the beginning of the pandemic, said experts.
The Nifty index had reached the 15,000 milestones on February 21, 2021 and took mere 179 days to add another 1000 points to reach 16,000 today. During the Covid-19 outbreak in March 2020, the Nifty-50 underwent a sharp correction and slipped below 8,000.
However, the index has bounced back from lower levels and took nearly 170 trading sessions to hit 13,000 on November 24, 2020. Later, the index added more than 1,000 points to reach 14,000 in a month on December 31, 2020.
The Journey from 15,000 to 16,000 has comparatively been slower owing to the second wave of Covid-19 which peaked in March 2021. The FIIs also pulled out majorly in the last six months which led to some lack of momentum in the markets and restricted the index to hold at higher levels, experts said.
On the other hand, the BSE Sensex also made a fresh record high of 53,461.48 at 12:20 PM on Tuesday. The Nifty was trading at 16,017.80, up 132.65 points at the same time.
The broader markets also witnessed strong momentum as both BSE Midcap and Smallcap indices scaled new highs too. The BSE Midcap climbed to 23,442.74, and the Smallcap index jumped to 27,232.23.
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