Nifty has risen nearly 90% from its 52-week low of 7,511 which was recorded in March 2020 when pandemic struck in India.
Equity index Nifty 50 crossed the 14,000-mark for the first time on Thursday. The index surged 8.2% from 13,000 to hit 14,000 in 26 trading sessions, starting November. Of these trades, the index has lost in only four of them as of closing on December 30.
Domestic equity market benchmarks BSE Sensex and Nifty 50 were trading at record high levels ahead of the onset of the new year 2021. BSE Sensex hit an all-time high of 47860.3, while the broader Nifty 50 index crossed the crucial 14,000 level.
Nifty has risen nearly 90% from its 52-week low of 7,511 which was recorded in March 2020 when pandemic struck in India. As of December 30, the index gained 15% this year, recording its best annual return since 2017.
Of the Nifty 50 constituents, 47 have gained in the last 26 sessions. The top 10 performers include a paintmaker, two metal companies, three PSUs, a drugmaker, and India’s largest port operator, branded jewellery maker, and construction and engineering conglomerate.
Only Power Grid Corp., Bharat Petroleum Corp. and Eicher Motors Ltd. underperformed during this period.
As per data published in Bloomberg, HDFC Ltd. was the top contributor to the final 1,000-point upmove in the Nifty. That’s followed by ICICI Bank Ltd. and Infosys Ltd. Only four of the top 10 point contributors on the Nifty were financials. Other major contributors included Tata Consultancy Services Ltd., Hindustan Unilever Ltd. and ITC Ltd.
The Nifty Realty Index was the top performer during the last 26 trading sessions, gaining more than 20%. The PSU Bank index, too, rose 20% during the period. The Nifty Metal, Nifty IT and Nifty Media saw double-digit returns, while autos underperformed.
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