Nifty Conquers 10,000 Points For The First Time Ever

Updated: Tuesday, July 25, 2017, 9:31 [IST]

The NSE Nifty hit the 10,000 points mark for the first time ever as buying frenzy in select stocks continued.

Nifty Conquers 10,000 Points For The First Time Ever

It has taken the Nifty just a few months to move quickly from 9,000 points to 10,000 points. In fact, exactly a month ago, the Nifty was trading at 9,511 points and his now covered almost 500 points in just one month.

The Nifty today opened straight at the 10,000 points level, but did not breach those levels as selling pressure emerged. The Nifty was last trading at 9,983 points, up 18 points. The Sensex also hit a historic peak of 32,300 points.

One stock that has led the rally this time is heavyweight Reliance Industries, which has pushed the indices, after reporting a superb set of quarterly numbers. Today's gainers in trade were also HDFC Bank, which has been rising ever since it reported a good set of numbers.

IT stocks have also supported the markets and pushed the indices towards the 10,000 mark in the last few days. It has been non stop gains for the markets since the Union Budget day on relentless fund flows from domestic institutions. However, analysts say that it may now be time to exercise some caution as prices look overstretched. This ia lergely because there are some doubts on corporate earnings and also credit growth.

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