Another milestone: Nifty 50 crosses 23,000-mark for the first time

After hitting a high of 23,026, Nifty 50 index settled at 22,957, down 11 points, or 0.05 per cent, over its previous day's close

The benchmark Nifty 50 index surpassed the 23,000-mark for the first time on Friday. After hitting a high of 23,026, the index settled at 22,957, down 11 points, or 0.05 per cent, over its previous day’s close. The latest 1,000-point (4 per cent) up move for the Nifty has taken over four months (88 trading sessions). Previously, the index took more than this for a 1,000-point up move was 425 trading days (20 months) when it moved from 18,000 to 19,000 in June 2023. So far in 2024, the Nifty 50 index has gained 6 per cent. The recent gains are attributed to optimism around the re-election of the incumbent government led by Prime Minister Narendra Modi and strong flows from domestic investors.