Nifty 50: 38% of Index Stocks Hit Record Highs Amidst Bullish Surge

8 Dec 2023 , 01:57 PM

Approximately 38% of the Nifty 50 Index, represented by 19 stocks, achieved record highs in the current bullish market trend.

Companies like SBI Life Insurance, PowerGrid Corp, Maruti Suzuki India, Nestle India, Tata Motors, L&T, Grasim Industries Ltd, Titan Co, NTPC, Adani Ports and SEZ, ICICI Bank, and others mark notable peaks.

Nifty 50 hits 21,005.05, and Sensex reaches 69,888.33, following the RBI’s decision to maintain the repo rate at 6.5%.

Nifty experiences its longest winning streak since December 2020, with six consecutive weeks of gains. The current week’s surge of 3% represents the best weekly performance since July 2022.

Recent market gains are attributed to BJP’s victories in key state elections, positive GDP data, the return of foreign investors, and global factors like a US treasuries rally, lower oil prices, and anticipation of the RBI monetary policy announcement on December 8.

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