Bulls propelled domestic market benchmarks BSE Sensex and Nifty 50 to new record high levels on Tuesday, helped by positive Asian cues. NSE’s Nifty 50 hit the crucial 17,000-mark for the first time, rising 84 points from yesterday’s close. The 30-share Sensex too surged to a new high of 57,124.78, surging 235 points. Nifty has risen nearly 2 per cent in the last five days, while it has added 7 per cent in the past one month. It took Nifty 50 index just 19 trading sessions to climb to 17,000 from 16,000. Nifty 50 index had hit 16,000-mark first time on 3 August 2021.
The benchmark index has rallied over 15 per cent in six months, while so far in the calendar year 2021, it has soared over 21 per cent. Nifty 50 index has rallied 57.55 per cent from its 52-week low of 10,790, to hit a fresh high of 17,000. Analysts say that a distinguishing feature of this bull market, which started in April 2020, is that it has been remarkably stable without any major correction. So, the newbie retail investors who entered the market since April 2020 (1.42 crore new demat accounts opened in FY21) have been buying every dip, successfully. “The flip side of this relentless bull run is the excessive valuation, which exposes the market to an unexpected sharp correction. This market has proved skeptics wrong, till now,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
Stocks such as Bajaj Finserv, Adani Ports, Indian Oil Corporation (IOCL), Bharti Airtel and Bajaj Finance were the top five Nifty50 gainers. On the sectoral front, the Bank Nifty index added half a per cent to trade at 36,505.15. The top Nifty sectoral gainers were Nifty Metal, Nifty PSU Bank, and Nifty Healthcare index, rising up to 1.24 per cent. India VIX, the volatility index, surged nearly 4 per cent to 13.84 levels.
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