JUNE 27: Nifty Hits 24,000 on June F&O Expiry Day; Sensex Rises 567 Points

Rally Breaks Records

The BSE Sensex and NSE Nifty50 hit record highs on June 27, 2024. The Sensex reached a record 79,396 after crossing 79,000. The Nifty50 reached 24,087, surpassing 24,000. At the end of the June F&O series, the Nifty index rallied nearly 7%.

Market Performance

The Sensex closed at 79,243 points, up 569 points or 0.72%, and the Nifty at 24,045 points, up 176 points or 0.74%. Only 23 sessions were needed to complete the second-fastest 1000-point rise in NSE history. Key stocks’ strong performance fueled this rise.

Top gainers

UltraTech Cement, JSW Steel, NTPC, TCS, Infosys, Tech Mahindra, Kotak Bank, Reliance Industries, Power Grid, Tata Motors, and Hindustan Unilever (HUL) gained up to 5% in the forefront indices. These improvements indicate strong performance and investor confidence in these important corporations.

Sectoral indices

The Nifty IT index rose 2%, indicating robust technology stock performance. However, the Nifty PSU Bank index declined 0.9%, showing sector-specific issues.

Wider Markets

Despite the Quant Mutual Fund scandal, larger markets performed unevenly. The BSE MidCap index climbed 0.17%, while the BSE SmallCap index fell 0.57%, indicating volatility and investor concern in smaller firms.

Key Highlights

The historic stock market boom was fueled by solid corporate results, optimistic global signals, and strong domestic economic data. The record Sensex and Nifty increase shows investor optimism.

Brand Finance Director Savio D’Souza said, “This historic surge in the Sensex and Nifty is a testament to the resilience and growth potential of the Indian economy. Key participants’ strategic actions and market optimism have contributed to this increasing trajectory.”

A Market Outlook

As markets rebound, economists expect good fundamentals and high investor confidence to maintain expansion. They warn of volatility owing to global economic uncertainty and domestic policy changes.

Conclusion

On June 27, 2024, the Sensex and Nifty reached record highs. Important sector and stock increases demonstrate how vibrant and robust the Indian stock market is. “This historic surge in the Sensex and Nifty is a testament to the resilience and growth potential of the Indian economy,” Savio D’Souza said, describing the market’s success. Investors will aim to continue this trend while handling any new difficulties in the next trading sessions.