Nifty Soars to New All-Time High; Auto, Pharma Fuel the Rally

19 Feb 2024 , 01:17 PM

The Nifty 50 index surged to a new all-time high, reaching 22,135.40, driven by gains in the auto, pharma, and consumer durables sectors. At 1 PM, the Sensex rose by 345.78 points or 0.48% to 72,772.42, while the Nifty climbed by 118.60 points or 0.54% to 22,159.30. Market breadth remained positive, with 2207 shares advancing, 1189 shares declining, and 103 shares unchanged.

Eight companies listed in the Nifty 50 index hit fresh 52-week highs, including Bajaj Auto, Adani Enterprises, Cipla, Dr Reddy’s, Maruti, Adani Ports, Wipro, and SBI Life. Across the broader market, all indices traded in the green, although the India VIX fear gauge rose by 5.14% to 15.99 levels. The midcap and smallcap indices also saw notable gains, rising by up to 0.65%.

The Bank Nifty surged by nearly 200 points to around 46,572 levels, led by gains in Bandhan Bank, ICICI Bank, and AU Small Finance Bank. Despite the Sensex being 1% away from its record high, the market capitalization of all stocks listed on the Bombay Stock Exchange (BSE) reached ₹392 Lakh Crore (approximately $4.7 Trillion). This milestone marks the second time that the Indian bourse has surpassed Hong Kong to become the world’s fourth-largest stock market.

However, the Nifty Bank index remains 4% below its record high of 48,636, last achieved in December 2023. Despite this, the overall market sentiment remains positive, buoyed by strong performances across various sectors and indices.