Updated March 4th, 2024 at 12:37 IST

Nifty hits fresh record high, here's what is fuelling rally in markets

Nine of 13 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Media index's 1.6 per cent fall.

Reported by: Business Desk
Nifty 50 hits new record high | Image:Freepik
Advertisement

The Nifty 50 index surged to new record highs on Monday led by buying interest in Reliance Industries, NTPC, Power Grid, Bharti Airtel, ICICI Bank, Sun Pharma and Axis Bank. The Sensex rose as much as 184 points to intraday high of 73,990.13 and Nifty 50 index soared 102 points to touch record high of 22,440.90.

Here are 10 things to know about Monday's market move

  1. India's economy remained the fastest growing major economy of the world rising at 8.4 per cent in December quarter surpassing estimates and reiterating investor confidence in India's growth story, analysts said.
  2. "The Indian economy witnessed robust growth of 8.4 per cent in Q3FY24 as against 4.3 per cent in Q3FY23 led by strong industrial performance backed by Government’s ‘Make in India’ campaign and impetus on infrastructure building. In contrast, agrarian sector performance remained bleak following sub-normal monsoon. Government estimates India to grow by 7.6 per cent in FY24, as compared to 7.0 per cent growth in the previous year. We believe Indian economy will continue to be the fastest growing economy globally led by pro-growth policies, recovering domestic demand conditions, government spending and improving capacity utilisation of private firms," said Amnish Aggarwal, Director - Research , Prabhudas Lilladher.
  3. The collective market capitalisation of all NSE-listed companies surged to $4.64 trillion with more than 250 shares hitting 52-week highs on Monday itself, data from stock exchanges showed.
  4. Foreign institutional investors (FIIs) turning net buyers added to the bullish sentiment on Dalal Street as FIIs bought shares worth Rs 1,539 crore in February after they sold shares worth Rs 25,744 crore in January.
  5. "We are eyeing 22,800 in Nifty now thus participants should continue with a “buy on dips” approach until it breaks 21,900. We feel the participation of the banking pack would continue to play a critical role in maintaining the prevailing momentum while others may play a supportive part on a rotational basis," said Ajit Mishra of Religare Broking.
  6. Nine of 13 sector gauges compiled by the National Stock Exchange were trading lower led by the Nifty Media index's 1.6 per cent fall. Metal, consumer durables, information technology and auto shares were also facing selling pressure.
  7. On the flipside, oil & gas, real estate and healthcare shares were witnessing biying interest.
  8. NTPC was top Nifty gainer, the stock rose 4.6 per cent to hit 52-week high of Rs 358 after Prime Minister Narendra Modi inaugurated of a series of NTPC projects. The Prime Minister dedicated several power projects to the nation, with a total investment exceeding Rs 30,000 crore, signalling a remarkable leap towards sustainable development and economic growth.
  9. Power Grid, Dr Reddy's Labs, Bharat Petroleum, Bajaj Auto, ONGC, Coal India, Bharti Airtel, Hindalco and Sun Pharma also rose between 1-3 per cent.
  10. On the flipside, SBI Life, JSW Steel, Eicher Motors, Infosys, Tata Steel, Mahindra & Mahindra, LTI Mindtree and Britannia declined between 1-2.4 per cent. The overall market breadth was negative as 2,393 shares were declining while 1,432 were advancing on the BSE.
     
Advertisement

Published March 4th, 2024 at 12:35 IST