HomeBusinessNifty touches new high as Indian stocks continue to rally

Nifty touches new high as Indian stocks continue to rally

Gains from the previous day were maintained by Indian market indices, with Nifty reaching an all-time high. On Monday, the Nifty 50 crossed the 20,000 threshold for the first time ever.

Nifty traded at 20,050.70 points this morning, up 0.27 percent. The Sensex remained 400 points behind its record-breaking high on July 20 and was trading at 67,376.18, up 0.37 percent.

After India’s economy expanded strongly in the quarter ending in June, the main indices – the Nifty and the Sensex – each gained over 3% over the previous week.

The Indian economy’s strong 7.8% GDP growth rate in the first quarter of 2023–2024 is believed to have boosted investor confidence recently. It continues to be the fastest-growing major economy with a GDP growth of 7.8%.

Investors are now waiting for August retail inflation data for India, which is coming at 5.30 pm today, for new cues.

Retail inflation in India spiked rapidly in July to 7.44%, exceeding the RBI’s upper tolerance target of 6%. This increase was mostly caused by a sharp increase in the cost of vegetables, fruits, and pulses.