Mon, July 22, 2024

Indian Nifty 50 Surpasses 24,000, Targets 24,400 Zone

Stocks

Quick Look:

  • Nifty 50 surpasses the 24,000 mark for the first time, driven by a bullish trend.
  • Nifty recorded a 6.72% weekly gain, while S&P BSE Sensex increased by 7.14%.
  • Foreign investors infused 76.59 billion rupees ($918 million) into the market, boosting Nifty.

The Nifty 50 continues its positive trajectory, closing above the significant 24,000 mark for the first time ever, driven by four successive bullish daily candles. This upward trend has been notably cemented by the end of the June derivative series, setting a new benchmark for the index.

As of today, June 28, 2024, Nifty stands robustly above the 24,000 level. The immediate resistance lies between 24,000 and 24,100. If Nifty sustains a move beyond this range, it could advance towards the 24,380-24,400 zone. Immediate support is at 23,800, offering a cushion against potential market corrections. Analyst Nagaraj Shetti from HDFC Securities has emphasised this support level as crucial for maintaining Nifty’s current momentum.

Nifty 50 Opens at 24,207.5, Weekly Gain of 6.72%

Today’s headline captures the remarkable performance of the Nifty 50, with the index setting a new opening record at 24,207.5 and registering a weekly gain of 6.72%. The S&P BSE Sensex has mirrored this bullish sentiment, recording a weekly increase of 7.14%. India’s strong economic performance continues to attract significant foreign investments, driving Nifty higher. Robust economic growth, consistent policy measures, and substantial foreign inflows contributed to this bullish phase. As of Thursday, foreign investors have infused 76.59 billion rupees ($918 million) into the market, underscoring India’s attractiveness despite global market volatility.

Reliance Industries Gains 5.25% on Jio Tariff Hike

Reliance Industries has seen a notable 5.25% increase among the top performers, driven by Jio’s first tariff hike since 2021. This move is expected to bolster the company’s revenue and market position, positively reflecting its stock performance and contributing to Nifty’s rise. The market sentiment remains buoyant, particularly among foreign investors showing strong interest in Nifty. However, domestic investors have been net sellers, indicating a cautious approach towards current market valuations.

Telecom Sector Gains on Tariff Hikes, Boosting Nifty

Key sectors like telecommunications and infrastructure are in the spotlight, further influencing Nifty’s performance. The telecommunications sector, in particular, has been invigorated by recent developments such as tariff hikes, which signal potential for increased profitability. Globally, Nifty’s gains reflect positive trends observed on Wall Street, bolstered by optimism ahead of the release of key US inflation data later today.

Strategic Moves by JSW, UltraTech Cement Drive Nifty

On the corporate front, major developments include Reliance Jio’s tariff adjustments and significant equity transactions involving JSW Infrastructure and UltraTech Cement. These strategic moves indicate a focus on long-term growth, positively impacting Nifty. In conclusion, Nifty 50’s unprecedented levels and supportive economic and investment climate suggest a promising outlook for Indian equities. The current momentum, driven by strong fundamentals and strategic corporate actions, positions Nifty well for continued growth.

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