Nifty makes history, hits 20,000 mark for first time ever
NSE's benchmark index Nifty has achieved a historic milestone by reaching the 20,000 mark. This remarkable achievement, driven by a robust rally in heavyweight stocks, was witnessed earlier today as the index gained over 188 points to touch a new high of 20,008.15. However, as the day concluded, Nifty dropped a few points to close at 19,996.35.
A long-awaited triumph
This achievement follows a period of high anticipation and market turbulence, during which the index came very close to the 20,000 mark in July, reaching a high of 19,991.85 on July 20. Back then, Nifty was on a remarkable upward trajectory, scaling all-time highs and registering a remarkable 15% increase since March 2023. Starting from April, the index has experienced a 17% surge, powered by inflows exceeding $18.9 billion.
Factors behind the surge
Lately, various important economic indicators, like Goods and Services Tax (GST) collections, private capital spending, credit growth, and the Purchasing Managers' Index for August, have indicated that the Indian economy is doing well. This is noteworthy because the economy has managed to stay strong even in the face of challenges such as high inflation, elevated interest rates, rising crude oil prices, unpredictable monsoons, and a slowdown in the global economy.
