Bull Run Intensifies: Market At All-Time High; Nifty Surpasses 24,000, Sensex Tops 79,000; Time To Buy?

The Nifty 50 index surged past the 24,000 mark for the first time on Thursday, June 27. This milestone was achieved after a rapid 23-session climb from 23,000 points, marking a significant turnaround for the index, which previously took 88 trading sessions to move from 22,000 to 23,000 in May 2024.

The journey from 23,000 to 24,000 was driven by robust performances from several top-tier companies. Among the leading contributors were Shriram Finance, UltraTech Cement, HDFC Bank, Divi's Laboratories, Axis Bank, Mahindra & Mahindra (M&M), ICICI Bank, Grasim Industries, Kotak Mahindra Bank, and LTIMindtree. These companies played pivotal roles in propelling the index to new heights.

With the Nifty 50 index now having gained more than 5,000 points from its 52-week low of 18,837.85, 2024 has been a stellar year, with the index up 10.38% year-to-date. Around noon on June 27, the Nifty was up 133.90 points or 0.55%, at 23,999.40.

Parallel to the Nifty 50's historic rise, the Sensex crossed the 79,000 mark for the first time, hitting a new lifetime high of 79,013 points. The performance of individual stocks also contributed to this rally, with five constituents of the Nifty 50-UltraTech Cement, Grasim Industries, Reliance Industries, ICICI Bank, and Axis Bank-touching new 52-week highs.

Cement stocks dominated the market, with UltraTech Cement trading up 4.3% and Grasim Industries rallying 2.6%. Overall, 19 constituents of the Nifty 50 index were trading in the green, with gains ranging between 0.1% and 4.3%.

The Nifty Bank index also saw impressive gains, breaking beyond the 53,000 barrier for the first time and setting a new record high of 53,180 points. This index has increased by 2.60% over the last four trading sessions, driven by strong performances from private sector banks including IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.

Private banks have shown resilience and growth, largely attributed to a resurgence in foreign portfolio investor (FPI) inflows and profit booking in sectors like auto and FMCG. HDFC Bank, a heavyweight in the index, has gained 8% over the past 11 sessions, while ICICI Bank has jumped 9.2% during the same period. Axis Bank and Kotak Mahindra Bank have also increased by 7.7% and 5.5%, respectively.

The broader market also showed positive trends, with the Nifty Midcap 100 up 0.45% and the Nifty Smallcap 100 trading 0.17% higher. These indices reflect the overall strength and diversity of the market rally.

The Nifty 50's climb past 24,000 marks a milestone in the Indian equity markets, showcasing the resilience and growth potential of the country's leading companies. With strong performances across various sectors and positive market sentiment, the outlook remains optimistic. As investors continue to navigate the dynamic market landscape, the milestones achieved by the Nifty 50 and other indices highlight the robustness of the Indian economy and its capital markets.