The Nifty Bank index touched an important milestone by hitting a new all-time high of 46,484.45 points after 19 weeks on December 4, 2023.
Earlier, the record was set on July 21 at 46,369 points. The index concluded on December 4, 2023, trade with a considerable rally, gaining 1,617 points (3.61%), closing at 46,431.
A robust performance in the shares of key private players in the banking industry backed the surge. All in all, the 12 index constituents concluded the trade in a positive zone, posting gains between 1.3% and 4.2%.
Experts are of the view that the momentum in Nifty Bank is expected to continue, with robust support identified at the 46,000–45,800 zone, serving as a cushion for the bullish sentiments in the market. The present momentum rally holds the potential to push the index higher towards the levels of 47,000 and 48,000.
However, the Nifty Bank has delivered an 8.01% return, moving behind the Nifty 50 benchmark index, which registered a 14.26% return during the same time frame.
The trade on December 4, 2023, started with a considerable gap-up at 20,601 points; the Nifty 50 further gained traction in the final trading hour, reaching a new high of 20,702 points. Furthermore, the index settled at 20,686, reflecting a gain of 418.90 points (2.07%).
In the past 13 trading sessions itself, the index witnessed a remarkable surge of 1,242.45 points or 6.39%. The S&P BSE Sensex also touched a new record high of 68,918.12 points in the December 4, 2023 trading session, outpacing its previous best of 67,927.
The record rally has led to a surge in the market capitalisation (m-cap) of the NSE-listed companies to the US $4.09 trillion milestone.
Rajiv is an independent editorial consultant for the last decade. Prior to this, he worked as a full-time journalist associated with various prominent print media houses. In his spare time, he loves to paint on canvas.
