December 06, 2023

Business

Nifty advances for 7th straight day to touch all time high level of 20,000 points

IANS | September 11, 2023 07:04 PM

Nifty advanced for the seventh straight day to log the best stretch of gains in 11 weeks and touched the all time high level of 20, 000 on Monday (September 11), says Deepak Jasani, Head of Retail Research, HDFC Securities.

At close, Nifty was up 0.89 per cent or 176.4 points at 19996.4. Volumes on the NSE were on the higher side compared to recent average. Midcap index rose more than the Nifty even as the advance decline ratio rose to 1.23:1, he said.

Net investments into actively managed equity schemes in India increased more than 2.65 times month-on-month to Rs 20, 245.3 crore in August. SIP contribution to mutual funds industry in August stood at Rs 15, 813.5 crore, compared with Rs 15, 242.7 crore in July, he said.

For the first time ever, Nifty reached the 20, 000 mark as euphoria around India's leadership at the G20 conference trumped concerns resulting from crude at $90 per barrel, says Vaibhav Vidwani, Research Analyst, Bonanza Portfolio.

The majority of sectoral indexes also saw gains, with Nifty PSU Bank and Nifty Metal leading the pack with gains of 3.13 per cent and 1.81 per cent respectively.

SJVN Ltd was amongst one of the top performing stock on Monday, up by 20 per cent, as its subsidiary, SJVN Green Energy's and Bhakra Beas Management Board (BBMB) inked a power purchase agreement for an 18 MW solar power project. The project's land parcels in Punjab and Himachal Pradesh will be developed by BBMB, he said. By August 2024, the project should be put into operation.

Adani Ports, Adani Enterprises, Apollo Hospitals, Axis Bank and Power Grid Corporation, were among the top gainer while losers included Jio Financial, Coal India, ONGC, Bajaj Finance and L&T.

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