Historic Day: Nifty Ends Above 16,000 For The First Time

On Tuesday, strong purchasing in pharma, IT, FMCG, and financial companies pushed benchmark indices to new highs. The S&P BSE Sensex reached a new high and ended the day at 53,823 points, up 872 points, while the Nifty index breached the 16k mark and ended up 245 points.

With the easing of COVID-related limitations, the Indian market mood remained optimistic, with GST collection improving and the manufacturing sector enjoying a boost and reporting the strongest rate of growth in July.

Titan, HDFC, Nestle, IndusInd Bank were top gainers.

The Nifty50 surpassed 16K for the first time, implying a gain of over 14% so far in 2021. It took around 6 months for the index to reach 1000 points. As many as 29 Nifty 500 stocks increased by more than 100%. On February 5, 2021, the Nifty reached a high of 15,000 points.

Throughout today's trading, markets saw continuing buying frenzy, with the benchmark index ending at all-time highs. Both the Nifty and Bank Nifty indexes saw a significant technical breakout, with both completing the day with gains of 1.5 percent. Large-cap financial companies outperformed the market, with SBI, ICICI Bank, Axis Bank, and HDFC Ltd all adding significant long positions.

BSE-listed businesses' market capitalization hit a new high of Rs 240 trillion. The MPC meets at a time when inflation is obviously sticky, growth is creeping, and the global pandemic situation is unstable. The central banker is most likely to keep rates unchanged, keeping growth in mind while waiting for fresh inflation data.