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Nifty creates history: Hits 59th new high in 2024, most no of times in a yr
Source: Business Standard
The NSE Nifty 50 index today hit a fresh life-time high at 25,611.95 on the back of 50 basis points interest rate cut by the US Federal Reserve, a first in the last four years. Today’s market rally was led by FMCG stocks with some support from select IT and financial shares.
With today’s new summit, the NSE Nifty 50 index registered its 59th new all-time high in the calendar year 2024, surpassing its previous best of 58 new highs in the year 2021.
The Nifty has hit its 59th record high in the 180th trading session of the year. In comparison, the Nifty had taken 197 trading days to achieve the feat of 58 highs in a single calendar year – 2021.
On similar lines, the Nifty registered 29 new highs in the year 2023, 4 in the year 2022 and 29 in the year 2020.
Kranthi Bathini, director-equity at WealthMills Securities believes that the Indian market is in a bullish mode backed by strong liquidity flows both by domestic and foreign funds.
Another interesting aspect of the on-going bull-run has been that the NSE Nifty 50 index has on an average rallied nearly 27 per cent from the respective calendar year lows in the last five years; barring the year 2020 – wherein the index zoomed up to 86.7 per cent from a low of 7,511 owing to Covid-19 related abnormal market volatility.
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That apart, another unique feature of 2024 market rally is that the Nifty has consistently quoted at an average positive gap of 9.7 per cent above its long-term moving average; i.e. the 200-DMA (daily moving average). This implies that the market has been stronger for most of the period, with corrections not only shorter in size, but also time.
In comparison, Nifty quoted on an average 4.3 per cent higher than its 200-DMA in the year 2023; and 0.9 per cent in the year 2022; 14.9 per cent in 2021 and 0.4 per cent in 2020.
First Published: Sep 19 2024 | 12:06 PM IST
