The Nifty index crossed 25,000 for the first time with metal and energy stocks fueling the surge. Read on to learn more
The Indian stock market started the month of August witnessing a record-breaking high as the Nifty index surpassed the 25,000 mark for the first time. Early in the trading session, the benchmark index Nifty surged 0.34 per cent, reflecting a touching 25,037 but settled at 25,000 by 11.40 am. The Sensex gained 236.59 points or 0.29 per cent to reach 81,977.93, before settling at 81,813 by 11.40 am.
Gains in metal, and a few auto stocks primarily fueled this remarkable surge in the stock market but the larger auto sector is down. Notably, the Sensex had previously breached the 80,000 barrier on July 3, 2024. Over the past month, the Nifty and Sensex have recorded an impressive gain of 3.12 per cent and 2.96 per cent, reflecting a bullish market sentiment.
On Nifty touching this significant milestone, Nilesh Shah, MD, Kotak Mahindra AMC said, “Nifty milestones are a journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq went so backwards that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have a long-term horizon, significantly moderate your return expectations and follow the dharma of asset allocation".
Looking at sector-specific performance trends, a decline is seen in the auto sector with the BSE Auto index down by 0.90 per cent, followed by capital goods and realty sectors. Metal, energy, and PSU banks are in green.
The Nifty Metal index emerged as the top gainer, recording a rise of 1.44 per cent, whereas the Nifty Media sector experienced a decline. The Nifty Bank index witnessed a gain of 0.55 per cent.
On the broader market indices, the Nifty Midcap 100 index displayed an upward trend, increasing by 0.26 per cent whereas the Nifty Small-cap 100 surged by 0.3 per cent.
Top gainers included Coal India, recording a 2.7 per cent increase, Hindalco Industries with a surge of 2.36 per cent, and Maruti Suzuki, marking a notable gain of 3.15 per cent. Among the major losses, Ashok Leyland saw price going down by Rs 6.39 (2.49 per cent down), Hero Motocorp declining by 1.98 per cent, M&M dipping by 1.94 per cent, and UltraTech Cement sliding by 1.91 per cent.