Bulls propelled domestic market place benchmarks BSE Sensex and Nifty 50 to new record higher levels on Tuesday, helped by positive Asian cues. NSE’s Nifty 50 hit the vital 17,000-mark for the 1st time, increasing 84 points from yesterday’s close. The 30-share Sensex also surged to a new higher of 57,124.78, surging 235 points. Nifty has risen almost 2 per cent in the last 5 days, when it has added 7 per cent in the previous one month. It took Nifty 50 index just 19 trading sessions to climb to 17,000 from 16,000. The benchmark index has rallied more than 15 per cent in six month, when so far in the calendar year 2021, it has soared more than 21 per cent.
Nifty 50 index has rallied 57.55 per cent from its 52-week low of 10,790, to hit a fresh higher of 17,000. Analysts say that a distinguishing feature of this bull market place, which began in April 2020, is that it has been remarkably steady without the need of any big correction. So, the newbie retail investors who entered the market place considering that April 2020 (1.42 crore new demat accounts opened in FY21) have been shopping for each and every dip, effectively. “The flip side of this relentless bull run is the excessive valuation, which exposes the market to an unexpected sharp correction. This market has proved skeptics wrong, till now,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated.
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