As Nifty 50 scales Mount 24,000, know when it may reach dizzying heights of 50,000 points
Nifty Scales New Peak: As Nifty 50 hit the 24,000-point milestone on Thursday (June 27, 2024), it covered the distance of 1,000 points in just 23 trading sessions, or 34 days precisely. Nifty 50 hit the 23,000-point mark on May 24, 2024, and scaled the 24,000-point peak today (June 27, 2024). In its 34 days journey of 1,000 points, there were 10 weekends and 1 Bakrid holiday. Know the key milestones in Nifty 50's journey from 23,000 to 24,000 points. Brokerage ICICI Direct, in a report, has also predicted the year when the Nifty 50 index can reach the 50,000-point mark.
Nifty 50 scales 24K peak
Nifty 50 took 34 days, or just 23 trading sessions to reach from 23,000 points to 24,000 points. The index had reached the 23,000 points on May 24, 2024, and scaled the 24,000 peak today (June 27, 2204).
Election results were a game-changer for Nifty 50
The results of the Lok Sabha Elections 2024 on June 4 were a game-changer for Nifty 50 as in the last 23 days, the index has soared by 9.7 per cent.
Third-fastest Nifty 50 movement for 1,000 points
Nifty 50 took 34 days to reach from 23,000 points to 24,000 points. However, it took just 28 days to reach from 16,000 points to 17,000 points, and just 22 days from 19,000 points to 20,000 points.
Fastest Nifty 50 movements
Nifty 50 Points Days
19000 to 20000 22
16000 to17000 28
23000 to 24000 34
6000 to 7000 35
14000 to 15000 36
Nifty 50's journey from 1,000 points to 24,000 points
The Nifty 50 index that was launched on April 22, 1996, reached from 1,000 points to 24,000 points in 10,293 days (28 years, 2 months, and 5 days)
Nifty 50's biggest gainers from May 24 to June 27
Stock Movement
Shriram Finance +23.6%
Ultratech Cement +12.2%
HDFC Bank +12%
M&M +10.8%
Wipro +10.3%
Nifty 50's biggest losers from May 24 to June 27
Stock Movement
BPCL -7.6%
Coal India -7.1%
Maruti Suzuki -6.8%
Adani Enterprises -6.4%
ONGC -6%
ICICI Direct on when Nifty can reach at 50,000
ICICI Direct has said in its technical report that Nifty can reach 25,200 by the end of the year and Nifty can reach 50,000 by 2030. 22,200 will be a strong support level for Nifty.
The report says that since 1999, an average rally of 20 per cent has been seen from the election low. In the last 9 election years, the US market has seen an average rise of 9 per cent. Except for 2008, Nifty has outperformed with a 20 per cent rise in the US election year. In the last 2 decades, an average rise of 21 per cent has been recorded in the second half of the election year till the end of the year.