Led by banking stocks, Nifty 50 touched a new high of 18,000 for the first time on October 11. The journey from 17,000 to 18,000 was relatively quick compared to the time it took to cross the previous 1,000-point milestone. The index crossed 17,000 on August 31, 2021. The 50-stock benchmark took 28 sessions to rally from 17,000 to 18,000. On Monday, the Sensex was trading above 60,300.
The Indian stock market had a great year with support from retail investors and domestic institutions. The government’s continued support to ease tensions in the telecom sector, production-linked stimulus for auto and auto-part makers helped revive the mood in the stock market amid weak global cues. Nifty 50 has so far climbed more than 27 per cent in 2021.
Benchmark indices rose on Monday led by power, auto, banking and realty stocks. At 1110, the Nifty was up 112.45 points or 0.63 per cent at 18,008.40. The Sensex was up 313.37 points or 0.52 per cent at 60,374.50.
Nifty rose 18,000 points, a record high, on the back of strong gains in banking stocks, especially HDFC Bank, ICICI Bank, Kotak Mahindra. Even giants like Reliance Industries contributed to today’s historic move. However, the notable exception was TCS today, which is down 5 per cent after the announcement of its results. The advance is around 3 to 1, which clearly indicates a broad-based rally. ahead. Open interest data also provides bullish signals. The bears are nowhere to be seen, and its bulls can be seen all the way up to now. Stay invested but be prepared to live with the ups and downs in the coming weeks and months.”
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