Market at record highs: Nifty touches the magical 24,000 mark; investors elated by massive buying in IT stocks. Market at record high: Nifty touched the magical figure of 24,000, investors flocked to bumper purchases in IT stocks. – ..

There is an all-round buying environment in the Indian stock market since this morning, due to which Dalal Street has returned to its glory. On the back of continued support from domestic institutional investors and strong global cues, the benchmark index Nifty 50 has crossed the historical and psychological level of 24,000 for the first time. At the same time, the sensitive index Sensex of Bombay Stock Exchange (BSE) is also trading at a new record level by jumping by more than 200 points in early trade. Due to the market reaching this new peak, there has been a huge increase in the wealth of investors this morning.

The market roared under the leadership of IT sector

The biggest role behind today’s historic boom is the information technology i.e. IT sector. Shares of leading IT companies like TCS, Infosys, Wipro, and Tech Mahindra, which have been lagging for the last few sessions, are witnessing aggressive buying since this morning. Experts believe that the sentiment towards IT companies has strengthened due to positive signals coming from global markets and expectations of interest rate cut by the US Federal Reserve. Apart from IT, banking and realty indices are also fully supporting in taking the market higher.

What is the meaning of Nifty crossing 24,000?

According to market experts, Nifty crossing the level of 24,000 shows the strength of the Indian economy and the unwavering confidence of investors. At present, the stable government in the country, better macroeconomic data, and expectations of good quarterly results from companies have further fueled the ‘bull run’ in the market. On the technical charts, the level of 23,900 remained a strong support for Nifty, once crossed, a sharp spike was seen in the market due to short covering.

Huge excitement among local investors and Mumbai’s Dalal Street

The impact of this tremendous boom is visible not only on big institutional investors (FIIs and DIIs) but also on retail investors sitting in every corner of the country. From the financial corridors of Mumbai to traders in Delhi, Bengaluru and Gujarat, there is a lot of excitement that the market is now all set to touch new heights. However, the possibility of some profit booking at upper levels cannot be ruled out, hence retail investors are being advised to invest wisely and with stop-loss at this level.