Nifty tops 17,000 points to set a new record ⁠— the fastest 1,000 point rally in the history of India’s benchmark index

• India’s benchmark equity index has a new record high led by metal stocks, public sector banks and drug makers.
• Nifty 50 added more than 1,000 points in less than a month. The index reached 17,000 points on Tuesday from 15,855 points on August 2.
• Check out the latest market news and updates on Business Insider.

It took less than a month for Nifty 50, India’s benchmark equity index, to climb to 17,000 from 16,000. The index of India’s top fifty stocks was at 15,855 on August 2.

The biggest gainers on the Nifty were Adani Ports, Bajaj Finserv, and Indian Oil Corporation (IOC), followed by Bharti Airtel, which surged more than 2% as investors cheered the proposed ₹21,000 crore rights issue. Adani Group stocks topped the list of gainers on the Nifty 200.

Aside from being a new high, this is also the fastest 1,000 point gain for the index, according to news channel CNBC-TV18. BSE Sensex, too, scaled above 57,143 at 12:30 p.m., on August 31.

The latest leg of the rally was fuelled by a fresh wave of buying by foreign portfolio investors after the US Federal Reserve seemed to be less fearful of rising inflation at home.

Net buying by foreign institutional investors (FIIs) stood at ₹1,202.81 crore (around $1.6 million at current exchange rates), while domestic institutional investors (DIIs) net bought shares worth ₹688.85 crore, as per provisional data from the National Stock Exchange (NSE) on August 30.

This also allowed the rupee to hit its highest level against the dollar today (Aug 31).

Information technology (IT), banks, metals and pharmaceutical stocks saw good buying in the month of August.


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