Continuing the upward move witnessed in all trading days of the last week, the NSE Nifty 50 index on September 11 crossed a new milestone of 20,000 points during intraday trade owing to gains in Adani Port, Adani Enterprises and Axis Bank stocks. However, the index slipped back below the milestone to close at 19,996.35, or up 176.40 (0.89%) over Friday’s close.
The S&P BSE Sensex too gained 528.17 points or 0.79% to 67,127.08.
Commenting on the Nifty 50 testing the 20,000 mark, Suman Bannerjee, CIO, Hedonova, a U.S.-based hedge fund, said, “Consistent investments from FII, DIIs, and Indian retail investors have pushed Indian indices to reach historic highs.”
“It appears that the remarkable achievements of the G-20 summit have also drawn the attention of global investors towards the Indian markets,” he said.
Sameet Chavan, Head Research, Technical and Derivatives, Angel One Ltd., said the new high was reached on the “back of broad-based buying in our domestic market. We have clearly outperformed our global peers by a fair margin and reaching this milestone on our own displays the overall inherent strength.‘.
“We continue to remain sanguine and expect the market to continue this northward move. However, one should avoid being complacent and adopt proper money management from here on,” he added.
Ashishkumar Chauhan, MD and CEO of National Stock Exchange, said, “India has come a long way in the last 30 years in its markets participation. We have a longer way to go. This is a good beginning. There will be ups and downs in the journey going forward - like in the past.“
“India will continue to progress and markets will continue to reflect that progress as seen in the Nifty 50 index. NSE will continue to provide fair, efficient, transparent, orderly, low-cost, highly-automated markets to India in time to come,” he added.
