Sensex, Nifty Rally to New Peaks in 2024

India’s benchmark stock market indices, Sensex and Nifty, soared to new record highs as Moody’s upgraded India’s GDP growth forecast for 2024 to 7.2%. This positive revision, along with strong global cues, fueled a robust start to the trading day.

The S&P BSE Sensex jumped by 502.42 points, reaching an unprecedented level of 82,637.03, while the NSE Nifty50 climbed 87.45 points to 25,239.40 by 9:20 AM. This surge reflects growing investor confidence in the Indian economy, driven by various domestic and global factors.

Key contributors to this rally include Moody’s positive outlook on India’s economic growth and a strategic shift in Reliance Industries towards artificial intelligence, spearheaded by Mukesh Ambani. Additionally, encouraging GDP data from the US and strong buying activity from Foreign Institutional Investors (FIIs) provided further support to the market.

Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized the significance of the market’s lack of volatility during the recent uptrend. “The market has been steadily climbing up during the last 11 trading sessions with the volatility index VIX declining to 13.79. The accumulation of quality large-cap stocks by Domestic Institutional Investors (DIIs), High Net-Worth Individuals (HNIs), and a reduction in FII selling have contributed to market resilience,” he said.

Vijayakumar noted that this positive trend could continue in the near term. A significant breakout could occur if banking stocks experience heavy buying, though current struggles with deposit growth and potential margin pressures are holding back demand. Large-cap stocks are currently outperforming the broader market, which is seen as a healthy indicator of market strength.

The sustained rally in Indian equities showcases the growing investor optimism and confidence in India’s economic prospects as the country continues to attract positive sentiment from both domestic and international markets.

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