Indian market hits milestone as Nifty crosses 20,000 points for the first time
The Indian equity benchmarks hit new milestones on Tuesday, with the Nifty 50 index crossing 20,000 points for the first time and the Sensex reclaiming the 67,000 mark.
The Nifty closed at 19,996.30, up 176.30 points or 0.89%, while the Sensex closed at 67,127.08, up 528.17 points or 0.79%.
The gains were broad-based, with all 15 sectors of the Nifty ending in the green. The top gainers were the healthcare (up 2.1%), energy (up 2.0%), and infrastructure (up 1.9%) sectors.
The positive sentiment was driven by a number of factors, including the continued growth of the Indian economy, the rising corporate earnings, and the strong foreign investor inflows.
Key stock movers
Here are some of the key stock movers on Tuesday:
- Apollo Hospitals (up 2.2%): The stock was supported by a robust growth outlook for the healthcare services provider.
- Praj Industries (up 14.3%): The stock surged on expectations of gains from the Global Biofuel Alliance (GBA).
- Oil India (up 2.0%): The stock closed higher after reports that the state-owned fuel producer was planning to invest Rs 16,500 crore to achieve its net zero carbon emission goals by 2040.
- JSW Energy (up 9.1%): The stock gained on reports that private equity investors TPG, Tokyo Electric Power Company (Tepco) and Brookfield were in advanced talks to buy a stake in JSW Neo Energy.
- Cupid (up 8.0%): The share ended higher after the Universal-Halwasiya Group and Family, through Columbia Petro Chem Private Limited, and Aditya Halwasiya, a promoter of Universal Petro Chemicals Limited, geared up to acquire a significant stake in the company.
Outlook
The positive sentiment is likely to continue in the near term, as investors remain optimistic about the growth prospects of the Indian economy. However, some concerns remain, such as the rising inflation and the ongoing war in Ukraine.
Overall, the market is expected to remain volatile in the coming days, but the long-term outlook remains positive.
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