Nifty advanced for the seventh straight day to log the best stretch of gains in 11 weeks and touched the all time high level of 20,000 today, says an industry expert in retail research.

At close, Nifty was up 0.89% or 176.4 points at 19996.4. Volumes on the NSE were on the higher side compared to recent average. Midcap index rose more than the Nifty even as the advance decline ratio rose to 1.23:1, the expert said.

What brought the Nifty mark above 20,000

Net investments into actively managed equity schemes in India increased more than 2.65 times month-on-month to ₹20,245.3 cr in August. SIP contribution to mutual funds industry in August stood at ₹15,813.5 cr, compared with ₹15,242.7 cr in July, he said.

For the first time ever, Nifty reached the 20,000 mark as euphoria around India’s leadership at the G20 conference trumped concerns resulting from crude at $90 per barrel, said a research analyst.

The majority of sectoral indexes also saw gains, with Nifty PSU Bank and Nifty Metal leading the pack with gains of 3.13% and 1.81% respectively.

(Source: IANS)

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