The Nifty 50, which represents the country’s top 50 blue-chip companies across various sectors, has notched up several record highs this month, posting a nearly 2% gain. The mid- and small-cap stocks, on the other hand, have continued their winning momentum in CY24.
Nifty 50 closes flat after hitting a new high at 22,297 points. The short-term outlook remains positive with resistance at 22,400. 10 out of the 50 constituents of the index achieved new record highs. In terms of sector-specific performance, Nifty Media jumped by 1.36%.
Space-related stocks surged up to 7% in early trade after the Union Cabinet approved amendments in the FDI policy for the space sector, allowing 100% FDI. This move aims to attract overseas players and private companies. MTAR Technologies saw a 7% surge in intraday trade.
The company s shares, valued at ₹120 apiece in November 2021, have surged by 518% to reach the current price of ₹742 per share. A significant portion of this increase occurred over the past five months, with the stock rallying 160%.