History Scripted: NSE’s Index ‘Nifty 50’ touches 20,000 Mark For First Time
Nifty Fifty: NSE's benchmark Nifty 50 index on Monday scripted history as it touched the 20,000 mark for the first time. During the trade hours, the indices of the top 50 companies on the NSE jumped nearly 1% from the previous close value.
The Nifty 50 and BSE Sensex rose 2% each last week, led by strong domestic macroeconomic data. The uprise is because of a pause in August and resilient buying by domestic institutional investors.
Recently, several high-frequency indicators such as better goods and services tax revenue, private capital expenditure, credit growth, and the Purchasing Managers' Index for August have shown the Indian economy to be strong.
Since early April, the Nifty has risen 17%, fueled by inflows of over $18.9 billion. DIIs bought Rs 33,397 crore during this period. At the same time, the mid-and small-cap indices saw even more significant gains, each rising 41 percent and 47 percent, respectively.
However, amid the remarkable recovery and valuation of local stocks, analysts have begun to warn investors of weaknesses in global markets due to the strength of the dollar and rising US bond yields. Fewer-than-expected jobless claims last week raised concerns about a possible interest rate hike. In addition, weaker Chinese trade balance data further strengthened the US dollar.
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