Nifty surged above 21,000 in a remarkable Friday morning rally, signaling strong market momentum
Benchmark indices witnessed a significant upswing in the morning trading session on Friday, as the Nifty surged beyond the 21,000 mark and the Sensex witnessed a strong gain of almost 300 points. The 30-company benchmark maintained its position close to the 70,000 mark.
Throughout this week, the financial markets have displayed remarkable strength, consistently achieving new highs on each trading day. The only exception occurred on Thursday when minor losses were observed in both indices.
The markets have maintained a prolonged period of positivity, indicating a steady upward trajectory. This optimistic market sentiment persisted as the Monetary Policy Committee (MPC) of the Reserve Bank of India chose to keep the Repo Rate steady at 6.5 per cent.
JSW Steel, NTPC, HCL Tech, Power Grid Corporation of India, and HDFC Bank emerged as the leading gainers, while Mahindra & Mahindra, Bajaj Finance, Bharti Airtel, SBI, and Maruti Suzuki India Ltd. registered as the top losers.
As of 10:32 am, the Nifty50 experienced a gain of 97 points, marking a 0.47 per cent increase. Sensex was also in positive territory, recording a rise of 336 points or 0.48 per cent.
"Our market continues its bullish momentum, with the Nifty reaching a significant milestone of 21,000. We believe this momentum will persist, potentially experiencing some consolidation along the way. Banking and financial stocks are particularly well-positioned to outperform, given their current valuations and fundamental strengths," said Santosh Meena, Head of Research, Swastika Investmart Ltd.