In the first half of 2024, the Nifty has already approached the number of record highs set in the entire previous year of 2023, showcasing a strong performance. Over the years, the Nifty has seen the highest number of record highs in 2006, 2014, and 2021, totaling 54 peaks during those times. On the contrary, there were no new highs during 2001, 2002, 2009, 2011, 2012, and 2016.
Recently, the Nifty reached an all-time high of 24,124, while the Sensex hit a record peak of 79,546. This growth has been attributed to strong fundamentals in key sectors and significant buying in blue-chip companies, reflecting a positive outlook for the Indian market.
Market experts like Apurva Sheth from SAMCO Securities have noted the rapid recovery of the index post-election results, driven by substantial fund flows from both foreign and domestic investors. Despite concerns about overvaluation, analysts remain optimistic about the market’s ability to sustain its current rally, especially with large-cap stocks leading the way.
Looking ahead, experts predict that the Nifty could reach around 24,500 in July, with strong support from sectors like banking, IT, and FMCG. They advise investors to focus on large-cap stocks during this record-breaking rally to mitigate risks.
DailyBubble’s perspective on the market trend is positive, highlighting the strong investor confidence and market momentum that are driving the current rally. The continuous inflow of funds and positive sentiment in key sectors are expected to support further growth in the Indian market in the near future.