From 12,168 To 7,511 And Back: Mapping The Nifty’s Journey In 2020
A strong rebound: Decoding the Nifty 50’s journey this year.
The NSE Nifty 50 erased all the pandemic-driven loss of the year to trade positive, led mainly by a surge in pharma and technology stocks, and the index heavyweight Reliance Industries Ltd.
The index closed at 12,224 on Jan. 20, after scaling to a 52-week high of 12,430 intraday. Then the Covid-19 outbreak and subsequent lockdowns triggered fears, roiling global markets. Within two months, the index tumbled 40% from its record high to a 52-week low of 7,511 on March 24.
Since then, the 50-stock index saw a one-way rebound. Even when India was reporting more than 90,000 new Covid-19 cases every day in early September didn't disrupt the recovery.
Defensives On The Charge
Among the top 10 gainers on the Nifty this year, three are pharma stocks, four IT counters and the remaining three Reliance Industries, Asian Paints Ltd. and JSW Steel Ltd.