Nifty 50 index crosses 25000-mark: Takes 24 sessions to rise from 24,000, its fastest 1,000- point rally

Nifty 50 index crosses 25000-mark: Takes 24 sessions to rise from 24,000, its fastest 1,000- point rally

MINT | August 1, 2024 | 11:11 AM IST | Breaking News | Follow on Google News

Nifty 50 index crosses 25000-mark: Takes 24 sessions to rise from 24,000, its fastest 1,000- point rally

Nifty 50 index crosses 25000-mark: Takes 24 sessions to rise from 24,000, its fastest 1,000- point rally

Stock Market today: The Nifty 50 index opened at 25,030.9 on Thursday, crossing the 25,000-mark for the first time.  The Nifty has taken just 24 sessions to cross 1,000 points, from 24,000 to 25,000.

Nifty 50 Index had crossed the 24,000 mark on June 24.

This is also the fastest 1,000-point rally of the Nifty 50. Earlier the Nifty 50 index had taken 26 trading sessions to rise from 21,000 to the 22,000-mark between December 8, 2023, to January 15, 2024.

Also Read | Nifty 50 scales above 25,000 for the first time, Sensex crosses 82,000

Nifty had taken 66 trading sessions thereafter to rise from 22,000 to 23,000 till April 2024 and 47 days from then to hit the 24,000-mark in June.

The Nifty 50 Index had been flirting with the 25,000 mark for the past three trading sessions, touching a high of 24,999 on July 29. However, the fresh impetus was provided by the US federal Reserve meeting outcome that enthused the global markets and helped Nifty cross the 25,000 mark. The US Federal Reserve indicated that it may start cutting interest rates in September, leading to a rally in the global markets. The reduction in interest rates will ease concerns of global slowdown and propel growth.

Vaishali Parekh, Vice-President Technical, at Prabhudas Lilladher, said that Nifty 50 index, has shown signs of improvement, inching towards the psychological level of 25,000. With a strong bias seen,  a further rise can be anticipated in the coming days.

Maruti Suzuki (India) Ltd, Power Grid Corporation of India, Coal India Ltd, Oil and Natural Gas Corporation (ONGC), and Hindalco Industries Ltd were the key Nifty 50 gainers in the morning session on Thursday.

ONGC , SBI Life Insurance Company, HDFC Life Insurance Company, Tata Motors, Infosys, and ITC were among the prominent gainers, having risen 16-26% during the 1,000-point rally.

Coal India, Bharat Petroleum Corporation, HCL Technologies, Sun Pharmaceutical Industries, Tata Consumer, Tata Consultancy Services, Maruti Suzuki, Hindustan Unilever and NTPC are other prominent gainers, clocking gains of 10-14.5%

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies and not of Mint. We advise investors to check with certified experts before making any investment decisions.

MINT