Equity markets on Monday hit a record high as broader 50-share NSE Nifty touched the 20,000 mark for the first time ever.
The market gains were led by Adani Ports and Adani Entertainment, which saw an increase of 7.10% and 3.68%. They were followed by Axis Bank and Appolo Hospital with an increase of 2.32% and 2.19%.
The rally within Nifty was driven by strong performances in the financial sector, with several leading banking and financial services companies contributing significantly to the index’s gains, reported CNBC TV18.
Market experts said that a robust flow from local investors helped Nifty achieve this landmark.
“Successful achievements recently in space and foreign diplomacy by India has boosted sentiments for Indian stocks generally in an era when the global situation is still shaky,” HDFC Chief Executive Officer Dhiraj Relli said, according to PTI.
Manish Chowdhury, the head of Research StoxBox, credited the rise to the improved investor sentiments due to the G20 summit.
“The optimism surrounding the Indian economy, especially after a strong show at the G20 summit, is fuelling the current rally in markets,” Chowdhury said. “Against the backdrop of underperformance in the small cap space during the 2018-’22 period and growth in earnings thereafter, we continue to believe that there is still steam left in the select mid and small cap space considering their improved revenue visibility.”