In Charts: India's Nifty 50 Crosses 17,000 For The First Time
India’s Nifty 50 surpassed 17,000 for the first time as markets regained momentum following Federal Reserve Chairman Jerome Powell's comments that the U.S. central bank will not be in a hurry to increase rates.
Rising pace of vaccination at home, a rebound in foreign inflows and enhanced government support to aid the recovery after the deadlier second wave of the pandemic also contributed to the rally.
The 50-stock index moved from 16,000 to 17,000 in 20 sessions, starting Aug. 3, rising over 6.2% during the period, according to Bloomberg data.
By points, this was quicker than it took to cross the last two 1,000-points milestones each. The 50-stock gauge had moved from 15,000 to 16,000 in 120 trading sessions starting Feb. 5 when it crossed the mark for the first time and 26 sessions to move from 14,000 to 15,000 respectively.
The Nifty 50 has gained more than 21% so far this year, the best first eight months since 2017 when the index surged 28.65%.
Both the Sensex and Nifty are headed for their best month since November 2020.
Leaders & Laggards
Bajaj Finserv Ltd. was the top performer on the Nifty 50 since Aug. 3, driven by the in-principle nod from Securities and Exchange Board of India to set up a mutual fund.
JSW Steel Ltd. has been the worst performing stock during the last 1,000-point Nifty 50 surge.
The NSE Nifty IT was the best-performing sectoral index, aided by demand for digital services, improving operating efficiency and rising offshore revenue. Nifty Media Index and Nifty Realty Index were the top laggards.