Nifty has managed to breach the historic mark after trading between 19,000-20,000 for months.
The stocks which pulled the 50 company indice up included Adani Ports, Adani Enterprises, Reliance, ICICI Bank and HDFC Bank. Sensex reaped the benefits of a rally in stocks of Reliance and HCL Tech.
Notably, Nifty took 52 sessions to reach the 20,000 mark after hitting 19,000 mark back in June. While the Adani stocks saw sustained buying due to the news on promoters raising their stake, banking stocks gained due to the RBI's announcement of ICRR requirement phased withdrawal.
Reacting to Nifty's performance, Rupak De, Senior Technical analyst at LKP Securities, said, "Bulls continue to lead the way as the benchmark index surged to a historic high, breaching the 20,000 mark for the very first time. This impressive rally followed a breakout from a descending channel that occurred last week. Looking ahead, market sentiment is expected to remain upbeat as long as the Nifty stays above the 19,900 level."
Sandip Raichura, CEO of Retail Broking and Distribution amd Director, Prabhudas Lilladher Pvt Ltd, said, "20,000 on the Nifty may just be a number but its history, nevertheless. While we may keep talking about valuations and liquidity, the fact is that a lot is changing in India and maybe the markets are collectively seeing this golden decade ahead very differently from the cynics."