As Nifty scales record high, Anil Singhvi explains what makes the milestone unique

As the Nifty took out its December 2022 peak of 18,888 to scale an all-time high — crossing the 19,000 mark for the first time ever, Zee Business Managing Editor Anil Singhvi pointed out that the rally is unique given that it is strictly based on the India story.  

"Strong domestic growth definitely played a role in earlier life highs but the market also needed strong cues from its global peers to turn that story into a high... That is the main thing. The second most important point to note is that the life high is driven by retail investors for the first time," the market wizard said.  

"Foreign institutional investors have steadily made purchases in the domestic market, but why is that? It is because they know that our growth story is strong and our retail investors do not give up shares at just about any levels as before." 

Both headline indices jumped one per cent to touch unprecedented levels during the session on Wednesday, June 28. The Nifty leaped 193.9 points to a record 19,011.3 and the Sensex added 634.4 points to clock 64,050.4, having surpassed the 64,000 level for the first time.

The 50-scrip blue-chip index covered a distance of 1,000 points over a period of 425 trading sessions, having touched the 18,000 level for the first time in October 11, 2021. Key milestones in Nifty's journey to 19,000

"This time around, we have made a high before global peers," Singhvi added. 

He also highlighted that one can expect even higher levels if the Nifty and the Nifty Bank close above the 18,900 and 44,500 levels respectively. Read more on his market strategy

Nifty at Life Time High 

ये तो बस शुरुआत है 

अरे अभी तो पार्टी शुरू हुई है

आप भी हमें Join कीजिए इस Celebration में 

और जिसको डान्स नहीं करना..

वो जाकर अपने रोते भालू (Bears) चराए #NiftyatLifeHigh #Nifty #AnilSinghvi@NSE_NIFTY @BSEIndia @NSEIndia pic.twitter.com/2ZXPtyGqDK

— Anil Singhvi Zee Business (@AnilSinghvi_) June 28, 2023

Here are some of the key points that the market guru highlighted:

• India's growth story is strong
• Retail investors are unwilling to give up shares at just about any price
• Companies' earnings and balance sheets are much stronger today, which boosts investor confidence
• Earlier, the Indian market used to follow in Wall Street's footsteps; this time around, the situation is different
• The domestic market has definitely benefitted from strength in the US but has made a high first, which makes a big difference
• FIIs' dominance in the Indian market has decreased
• There is no fear of a global economic slowdown and our economy is strong
• If a global recovery is in place, India is bound to perform even better

"The strength in the market will continue 100 per cent. It may not be a one-sided upmove but it is definitely poised to grow... This is clearly not the end," Singhvi said. 

Both main gauges held on to much of their intraday gains by the end of market hours, as Dalal Street headed into a mid-week holiday owing to Bakrid on Thursday. The Nifty ended with a gain of 154.7 points or 0.8 per cent at 18,972.1, and the Sensex shut shop at 63,915.4, up 499.4 points or 0.8 per cent from its previous close.   

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