The NSE Nifty 50 index scaled a fresh high and touched 23,000 level for the first time on Friday ahead of the completion of the Lok Sabha election next week. There were sharp gains in construction, metal and mining stocks.
The benchmark took 89 trading sessions to reach the 23,000 mark, which is 63 sessions more than it took to touch the 22,000 mark on Jan 15. Before that, the Nifty took 61 sessions to cross 21,000 level in December.
Shortly after opening lower, the Nifty erased early losses and rose 0.16% or 36.40 points to record high of 23,004.05. As of 12:10 p.m., Nifty 50 was 1.60 points or 0.01% higher at 22,969.25.
Sensex Rises To Fresh High
The S&P BSE Sensex rose 0.21% or 164.24 points to a record high of 75,582.28 earlier in the day. As of 12:11 p.m., the S&P BSE Sensex was 9.55 points or 0.01% higher at 75,427.59.
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Stocks That Helped Nifty Reach 23,000
Mahindra & Mahindra Ltd., Bharat Petroleum Corp, Power Grid Corp., Tata Steel Ltd., State Bank of India, Coal India Ltd., Maruti Suzuki India Ltd., Eicher Motors Ltd., Bharti Airtel Ltd., and Oil & Natural Gas Corp. were the top gainers in the Nifty during its journey of 1,000 points.
These Stocks Weighed On Nifty's Journey To 23,000
LTIMindtree Ltd., IndusInd Bank Ltd., HCL Technologies Ltd., Asian Paints Ltd., Infosys Ltd., HDFC Bank Ltd., Titan Co., Bajaj Finance Ltd., Kotak Mahindra Bank Ltd. and Hindustan Unilever Ltd. were the top laggards.*
Metal Stocks Lead Nifty's 1,000-Point Journey
During the benchmark's journey to the 23,000 mark, the Nifty Metal emerged as the top performing sector with gains over 27%. The Nifty Media declined the most among sectoral indices.
On the NSE, nine out of the 12 sectors advanced in the period between Jan. 15 and May 24.
Broader Markets Outperform Nifty 50
In last 89 sessions, the broader markets have run ahead of the benchmarks. The NSE Nifty Midcap 150 rose 11.23%, and the NSE Nifty Smallcap 250 rose 9.26%.
NDTV Profit takes a deep dive into Nifty 50's new milestone:
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