GOLD RUSH

There is no way of telling whether NSE will head to 24K in six months. But with fundamentals remaining intact, the IPO market looks set to surge 

-  Ashish Sinha

SEPTEMBER WAS remarkable for India in more ways than one. The G20 Summit 2023 under India’s presidency was hailed as the most successful ever in terms of outcomes. And, as if to celebrate that success, Nifty scaled Mount 20K for the first time, reinforcing the belief in a resurgent India.

Although the stock market feat was the result of a complex interplay of solid fundamentals, global optimism, and substantial investments, both foreign and domestic, what really impressed everyone was the speed with which Nifty hurtled from 10K to 20K. It went from 10K to 11K in just 47 days, from 11K to 12K in 84 days, from 12K to 13K in 43 days, from 13K to 14K in 37 days, and from 14K to 15K in just 36 days, underscoring market enthusiasm.

The euphoria generated by the unabated market momentum has seen some people trying to indulge in soothsaying and predicting where the markets would be three months or six months down the line. A common poser emanating from such folks now is whether Nifty would scale Mount 24K in fiscal year 2023-24. While that may or may not be possible, and no one is likely to lose sleep over it, what really matters is that the market momentum remains secure and intact, a factor that has seen companies making a beeline for the bourses with their IPOs (initial public offer) and finding investors ready to lap up their shares, even if it means paying a premium. This trend certainly looks like continuing.