The bulls have completely taken over the Indian market, leaving no room for the bears to make a move. Record highs, significant milestones, and new benchmarks have become commonplace during this bullish phase.
Leading Indian indices have been consistently breaking their previous records daily, extending the period of sustained positive momentum. In today’s trading, the Nifty 50 surpassed 24,100 points for the first time, hitting a new record high of 24,174 points.
In the previous session, the index crossed the 24,000 mark for the first time and continued its momentum into today’s session. June ended with the index gaining 6.57%, marking its highest monthly increase in 2024 and the largest since December 2023.
This momentum highlights strong investor confidence and optimism, fueled by positive economic indicators, expectations of policy continuity, and renewed foreign inflows.
Remarkably, the index reached new record highs 12 times in June alone, bringing the total record attempts for 2024 to 38. June also saw significant volatility, with the index fluctuating by 2,608 points.
It took just 23 sessions for the Nifty 50 to rise from 23,000 to 24,000, marking the second-fastest 1,000-point rally.
The rally in private banks, supported by heavyweights like HDFC Bank, Axis Bank, and ICICI Bank, along with a resurgence in IT stocks, has maintained the index’s strong bullish momentum throughout most of June.
Additionally, strong participation from FMCG stocks led the Nifty FMCG index to record its largest monthly gain in 2024, rising by 4.90%.
This surge follows the new coalition government’s focus on the rural economy, marked by the release of a ₹2,000 installment for farmers, financial assistance for building 30 million new houses in rural and urban areas, and a recent increase in Minimum Support Prices (MSP) for 14 Kharif crops for the 2024–2025 season.
