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Tuesday, July 23, 2024

Nifty closes at a record high of 20,268 as the Sensex soars 493 points, and other markets reach new highs

<p>Market bulls received a boost in November from an improvement in the manufacturing PMI and a stronger-than-expected GDP growth in Q2. The S&P BSE Sensex closed at 67,481 on Friday after rising 493 points, or 0.74 percent, throughout the day. Conversely, the Nifty50 gained 135 points, or 0.67 percent, to settle at a record closing top of 20,268. It reached a new high in intraday trading of 20,291.55.<img decoding=”async” class=”alignnone wp-image-294795″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-india-oneplus-10-pro-users-are-finally-receiving-android-14-update-this-is-what.jpg” alt=”theindiaprint.com in india oneplus 10 pro users are finally receiving android 14 update this is what” width=”1388″ height=”894″ title=”Nifty closes at a record high of 20,268 as the Sensex soars 493 points, and other markets reach new highs 9″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-india-oneplus-10-pro-users-are-finally-receiving-android-14-update-this-is-what.jpg 280w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-in-india-oneplus-10-pro-users-are-finally-receiving-android-14-update-this-is-what-150×96.jpg 150w” sizes=”(max-width: 1388px) 100vw, 1388px” /></p>
<p>The biggest gainers on the benchmarks today were ITC (up 3%), NTPC, L&T, Britannia Industries, Axis Bank, Asian Paints, Bajaj Finance, Tata Steel, JSW Steel, SBI, Coal India, Apollo Hospitals, and ICICI Bank.</p>
<p>In the meanwhile, the BSE MidCap index in the overall market also reached a record high in intraday trading, hitting 34,631.35, before ending at 34,587, up 0.96 percent. Additionally, the BSE SmallCap index finished 0.48 percent higher.</p>
<p>Sector-wise, the Nifty PSU Bank index increased 1.86 percent, the Nifty FMCG finished 1.58 percent higher, the Nifty Media index gained 2.57%, and the Nifty Realty improved 1.32%.</p>
<p>With a decline of 0.36 percent, the Nifty Auto index was the lone loser.</p>
<p>Now, what ought investors to do?</p>
<p>“The Indian equity market is in a strong bullish mood and is hitting a fresh all-time high,” said Tradingo founder Parth Nyati. With solid fundamentals and low FII ownership supporting us, we could keep up our progress and beat our other worldwide counterparts. Given the robust Indian macroeconomic environment and increasing US bond rates, FIIs could turn into net purchasers. The outcome of the state election may cause some volatility, but we are getting ready for a pre-election rise. Level-21000 seems to be a manageable goal for the Nifty in the near future.</p>
<p>Worldwide Cues</p>
<p>Despite recent robust gains, Asian sharemarkets began the year cautiously in December. However, rising anticipation that Europe and the US would soon decrease interest rates could help relieve pressure on local currencies and central banks.</p>
<p>As investors concluded an incredible month for equities and saw signs of relaxing Federal Reserve monetary policy in the form of declining inflation statistics, the Dow Jones Industrial Average ended at its highest level since January 2022.</p>
<p>Early Asian trading on Friday saw a decline in oil prices, which continued losses after the voluntary agreement by OPEC+ members to reduce oil production for the first quarter of 2019 that fell short of market expectations.</p>
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