India’s equity benchmark, the NSE Nifty 50, has achieved a significant milestone by surpassing the 24,000 mark. This marks the index’s 36th record high of the year and its fastest 1,000-point rally since 2021. During the session, the market capitalization of Nifty 50 companies surged by ₹1.25 lakh crore. The impressive 1,000-point climb took just 23 sessions, beginning on May 24.
However, despite this strong performance, the Nifty 50 has underperformed compared to its broader peers. While the Nifty 50 saw a 3.9% increase, the Nifty Bank and the Nifty Smallcap 250 both jumped nearly 8%, and the Nifty Midcap 150 rose nearly 6% during the same period. Analysts noted that despite recent gains, the downside setup does not appear to be gaining momentum, with a key support level at 23,680.
