The Nifty is breaking new records and rushing towards the five-figure mark of 10000 — and the rally still has legs.
You will find hundreds of happy investors over the last two years as the market clambered higher delivering 38 per cent returns in 17 months. It was February 2016 when the markets decisively turned around after a fiscally prudent Budget changed the fortunes of stock investors. Since then, the Nifty has been relentlessly marching ahead.
Now, Nifty is tantalisingly close to the 10000 mark closing on 21 July at 9915 points, just 85 points shy of the five-figure mark. Probably before BW hits the stands, the 10000 mark could become a major chapter in the record books of the Indian markets.
If you look at the major drivers of the Indian markets now, they come from a diverse set of industries such as oil and gas, private sector banking and FMCG. All these industries have major levers of growth. In fact, the Reliance Industries stock is a heavy weight, and is expected to play a decisive role in the Nifty’s March to 10000.
For a brief moment, ITC put the spanner in the wheels of the market when the government announced an additional cess on cigarettes. The stock careened for a brief time and slowed the market’s forward march. But once again, the market seems to have picked up momentum.
“The 10000 mark is real close, and it will happen,” says Anita Gandhi, whole time director, Arihant Capital. “It’s only a matter of time and there are a number of good stocks in the index that have the ability to pull the Nifty up.”
The stock market has taken all the recent events such as the GST and demonetisation in its stride. Corporates are now busy rolling out GST. Ground reports suggest that while there are some minor speed breakers to navigate, by and large, the drive has been smooth.
This story is from the August 5, 2017 edition of Businessworld.
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This story is from the August 5, 2017 edition of Businessworld.
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