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    Home / News / Business News / Nifty crosses 23,800 milestone for the first time
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    Nifty crosses 23,800 milestone for the first time
    By midday, the Sensex had risen by 0.61% to 78,532 and the Nifty by 0.51% to 23,842

    Nifty crosses 23,800 milestone for the first time

    By Mudit Dube
    Jun 26, 2024
    12:55 pm

    What's the story

    The Nifty and Sensex indices achieved new record highs today, with the former surpassing the 23,800 mark for the first time.

    This market surge is attributed to positive expectations from the upcoming budget and increased investor interest in large-cap stocks.

    Ruchit Jain, lead research analyst at 5paisa, noted that "The risk-reward ratio has now become favourable for the private sector banks which have not rallied in the last year significantly compared to what we have seen in other sectors."

    Trading trends

    Midday market performance and sectoral gains

    By midday, the Sensex had risen by 0.61% to 78,532 and the Nifty by 0.51% to 23,842.

    The broader market underperformed compared to these headline indices with midcap and smallcap indices trading only marginally higher.

    Nine sectoral indices traded in the green with public sector banks leading the gains by almost a percent.

    Chawan, head of research at Angel One, advised that "Traders must stay agile, shifting focus between themes to capitalize on sector rotations."

    Market outlook

    Blue-chip stocks show resilience, further rises anticipated

    V K Vijayakumar, chief investment strategist at Geojit Financial Services, noted that blue-chip stocks have broken out over recent days and are likely to remain resilient due to their strong FY25 Q1 numbers.

    Brokerage firm Prabhudas Lilladher anticipates further rises in the coming days with a near-term target for Sensex of 79,000 levels and a potential march toward a target of 80,700 levels.

    Market leaders

    Top gainers and market caution amid record highs

    Public sector banks, including SBI, Punjab National Bank and Bank of Baroda, were among the top gainers on the index.

    Despite these gains, some caution is being advised due to the markets reaching all-time highs.

    However, Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, said, "Technically, any small dip is getting bought into reflecting the strong uptrend. Continue with the approach of buying on dip going ahead."

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