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Nifty scales fresh peak, flirts with 14,000 mark

The NSE index has nearly doubled to fresh highs from COVID lows this year

nse-nifty-reuters [File] A guard walks past the NSE building in Mumbai | Reuters

The NSE Nifty has breached the 14,000-mark for the first time on the last day of this year. From the COVID low of 7,511 hit on March 24, 2020, the Nifty fifty has nearly doubled to scale new heights. 

It took 10 years for the index to gain 5,000 points and only three more to rack up another 4,000 points. The index took 26 sessions to climb to 14,000 from 13,000

In early trade on Thursday, Sensex and Nifty were trading flat on the last trading day of 2020 with IT and FMCG stocks cancelling out gains made by financials and energy shares. After opening on a negative note, the 30-share BSE Sensex was up by 17.84 points or 0.04 per cent at 47,764.06 in the morning session.

The broader Nifty of NSE edged up by 2.25 points to 13,984.20 with 30 of its constituents trading in green.

Among major gainers, ONGC was by 1.55 per cent, ICICI Bank by 0.87 per cent, HDFC by 0.36 per cent and Bajaj Finserv by 0.58 per cent.

On the other hand, TCS , Infosys, M&M, Ultratech Cement, HUL, NTPC and SBI dropped.

Markets were volatile due to the expiry of derivatives series on Thursday.

The Sensex and Nifty had raced to fresh record highs on Wednesday on the back of gains in financials, auto and cement counters.

Although the market is at its most expensive valuation level, FPIs continue to pump in funds and roll the Indian market higher on a daily basis, analysts said.

Among other Asian markets, the Hong Kong benchmark rose by 0.26 per cent while Chinese shares gained 1.45 per cent. Australian shares dropped 0.80 per cent due to fresh curbs to control COVID-19 cases. 


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