Nifty Breaches 24,000 For The 1st Time, Ultratech Cement Top Gainer

On Thursday, the benchmark Nifty 50 gained 0.74% to 24,044.50 as the index crossed 24,000 mark for the first time. 37 companies advanced while 13 companies declined. The index took 23 sessions to gain 1,000 points after Nifty reached 23,000 on May 27. It touched a record high of 24,087.45 on Thursday.

UltraTech Cement took the lead among gainers, its stock price soaring by 5.15% to close at ₹11,716.70, up significantly from ₹11,143.10. The stock gained after the company announced it was buying a 23% stake in India Cements for ₹1,885 crore.

Top Gainers

StockCurrent PriceLast Close% Change
UltraTech Cement₹11,716.70₹11,143.105.15%
Grasim Industries₹2,637.60₹2,552.253.34%

LTIM and Grasim Industries also showed strong performances, with stock price increases of 3.85% and 3.34% respectively. NTPC and Wipro rounded out the top five, with gains above 3% each.

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Conversely, Shriram Finance experienced the most significant drop, with its shares falling 1.27% to ₹2,951.05, down from ₹2,989.05.

Top Losers

StockCurrent PriceLast Close% Change
Shriram Finance₹2,951.05₹2,989.05-1.27%
Larsen & Toubro₹3,564.40₹3,602.95-1.07%
Bajaj Auto₹9,417.45₹9,474.65-0.60%
Eicher Motors₹4,713.80₹4,739.70-0.55%
Divi’s Laboratories₹4,522.35₹4,545.35-0.51%

Larsen & Toubro, Bajaj Auto, Eicher Motors, and Divi’s Laboratories also saw declines, though less steep than Shriram Finance.

Ajit Mishra – SVP, research, Religare Broking said, “The markets traded positively for the fourth consecutive session, gaining over half a percent, continuing the current uptrend. After a flat start, the Nifty edged higher amid volatility and crossed the new milestone of 24,000. Most sectors aligned with this movement, with IT and energy among the top gainers. Meanwhile, broader indices showed mixed results, as midcap stocks closed in the green while smallcap stocks lost over half a percent.

The rotational buying across key sectors is contributing to the index’s steady rise, and we expect this trend to continue. Following the banking sector, we anticipate that IT and FMCG will play crucial roles in maintaining the positive momentum. With the Nifty crossing the 24,000 mark, we see potential for it to test 24,500, with support around the 23,600 level. Participants should align their positions accordingly and look for buying opportunities on dips.”

Rupak De, senior technical analyst, LKP Securities said, ” “The Nifty continued moving up as the bulls took the index to a new all-time high. The Nifty made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness. The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200.”

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Posted In: EquitiesNewsMarketsMoversTrading IdeasGainers And LosersNifty 50Shriram FinanceUltratech Cement