The Indian stock market hit a historic milestone on Friday, with the NIFTY50 reaching a record high of 25,692. The broader indices witnessed significant gains, sparking optimism among investors. Let's explore the details of this impressive performance and the reasons behind the surge.
Benchmark indices hit record highs
On Friday, the NIFTY50 traded at 25,670, up 1%, while the SENSEX climbed to 84,066, marking a 1.06% increase. This impressive rise reflects growing confidence in the Indian economy and the overall stock market, pushing investors to ramp up their share market investment. Alongside these benchmarks, the Nifty Bank index also saw a 0.90% rise, trading at 53,514.
Interestingly, the market volatility index, India VIX, spiked to 12.56, indicating increased uncertainty, but this didn’t deter investors from making the most of the bullish momentum.
Broader market performance
The broader market indices continued to move in the positive direction, with the Nifty Midcap 100 rising by 0.76% and the Nifty Smallcap 100 increasing by 0.84%. This positive trend is encouraging for those involved in share market investment, especially in mid and small-cap stocks. All sectoral indices, except Nifty Pharma, traded in the green, with Nifty Metal emerging as the top gainer, rising by 1.8%.
Key stocks hitting 52-week highs
As many as 76 stocks touched 52-week highs on Friday. Here’s a look at three key performers:
JSW Steel, one of India’s leading steelmakers, reached a fresh 52-week high of ₹984.55, soaring by 3.8% on Friday. The stock’s upward trend was driven by optimism surrounding the metal sector, backed by strong domestic demand and lower input costs. JSW Steel’s recent recognition by the U.S. Department of Energy for energy savings has also enhanced its appeal to investors. Despite a 64% YoY drop in net profit in Q1FY25, the company remains resilient, making it an attractive option for those interested in share market investment in the metal sector.
Jubilant FoodWorks, the operator of Domino’s in India, surged to a 52-week high of ₹707, up 1.66%. The stock has shown consistent growth, increasing by 12% this month and 58% over the past six months. With plans to expand into tier 2 and tier 3 cities, Jubilant FoodWorks is capitalising on the growing fast-food culture in India, making it a compelling choice for share market investment.
Zomato, the food delivery giant, hit a 52-week high of ₹289.65 after a 3.87% jump. With a market capitalisation of over ₹2.55 lakh crore, the company continues to attract investors due to its rapid expansion and innovation in the quick commerce space. Zomato’s impressive 132% rally in 2024 has made it a hot pick for those looking to diversify their share market investment portfolios.
Sectoral performance: Nifty Metal shines
The Nifty Metal index was the best performer on Friday, rising by 1.8%. Strong domestic demand and easing input costs contributed to the sector’s rally. Investors seeking opportunities in share market investment have shown renewed interest in metal stocks, with JSW Steel leading the charge. The sector's robust fundamentals suggest that metal stocks could continue their upward trajectory in the coming months.
Conclusion
With NIFTY50 hitting a record high and broader market indices showing resilience, the Indian stock market continues to offer promising opportunities for share market investment. Sectors such as metals, food services, and quick commerce are showing strong growth potential, making them attractive options for both seasoned and new investors. As the market moves forward, investors must stay informed and diversify their portfolios to maximise returns.
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