India’s benchmark stock indexes, NSE Nifty 50 and S&P BSE Sensex, reached record highs on June 26, 2024. The NSE Nifty 50 rose by 0.74% to 24,044.5 points, while the S&P BSE Sensex increased by 0.72% to over 79,000 points. This marked the third consecutive session of record highs for both indexes.
June has been a positive month for the markets, with the Nifty 50 and Sensex both experiencing their best monthly performances since December 2023, up 6.72% and 7.14% respectively. The bullish trend is attributed to several factors, including Prime Minister Narendra Modi’s re-election providing political stability and easing investor concerns, as well as the influx of foreign portfolio investors who poured in $2.07 billion in May, the highest in three months.
The private banking sector has been particularly successful in recent months, with ICICI Bank experiencing a remarkable rise of over $1 billion in market capitalization within just eight days. Other heavyweights like Reliance Industries and Ultratech Cement have also played significant roles in driving market growth.
Overall, India’s investment landscape looks promising due to its economic potential and stable political climate under Prime Minister Modi’s leadership. The country’s IT sector has also experienced growth lately, with the Nifty IT index climbing by an impressive percentage of over $1 billion in value since May alone. As more investors continue to turn their attention towards India’s long-term prospects amidst rising confidence from global investors following Modi’s re-election, it is clear that India is poised for sustained positive momentum moving forward.
In conclusion, India’s stock market has shown remarkable resilience and growth potential in recent months thanks to favorable factors such as political stability provided by Prime Minister Modi’s re-election and influx of foreign portfolio investments from global investors who recognize India’s economic potential for sustained positive momentum moving forward.
