Nifty crosses 20,000 for the first time as market rallies for seven straight sessions

Benchmark Sensex surged 528 points to reclaim the 67,000 mark, while the Nifty hit an all-time high of 20,000 for the first time. This remarkable performance marked the seventh consecutive winning session in equity markets, buoyed by strong domestic investor activity.

The G20 summit's success, coupled with robust buying in index giants Reliance Industries and HDFC Bank, contributed to the ongoing positive momentum in the stock market.

The BSE Sensex, comprising 30 shares, reclaimed the 67,000 level, closing at 67,127.08, a gain of 528.17 points or 0.79 percent. The Nifty reached its all-time high of 20,008.15, a gain of 188.2 points or 0.94 percent, before closing just below the 20,000 mark at 19,996.35, up 176.40 points or 0.89 percent.

Dhiraj Relli, MD & CEO of HDFC Securities Ltd., attributed Nifty's achievement to robust local investor inflows and India's recent successes in space and foreign diplomacy. These positive developments have bolstered investor sentiment amid global uncertainties.

Major gainers among Sensex firms included Axis Bank, Power Grid, Maruti, State Bank of India, Tata Motors, ITC, Nestle, and Mahindra & Mahindra. Bajaj Finance and Larsen & Toubro were among the laggards.

The positive market sentiment was influenced by the G20 summit's historic consensus declaration, robust loan growth data, strong profitability, and lower non-performing assets in PSU banks, according to Vinod Nair, Head of Research at Geojit Financial Services. Additionally, expectations of easing inflation due to falling vegetable prices contributed to the market rally.

Global oil benchmark Brent crude declined to USD 90.35 a barrel. On Friday, the BSE benchmark had gained 333.35 points, while the broader Nifty advanced 92.90 points. Foreign Institutional Investors (FIIs) sold equities worth Rs 224.22 crore on Friday.

In Asian markets, Seoul and Shanghai closed with gains, while Tokyo and Hong Kong ended lower. European markets were trading in the green, and the US markets closed positively on Friday.