Metal index is the best-performing Nifty 50, rising 1.2% for the third consecutive month

With today’s accomplishment, the index has now topped out six times in April, demonstrating steady momentum and investor confidence. In addition, Tuesday’s surge helped the index gain 1.24%, which signifies the index’s third straight month of gains.

Money

By Sneha Sengupta On Apr 30, 2024

On Tuesday, the last trading day of April, the Nifty 50, which is a representation of the top 50 blue-chip corporations in the nation across all sectors, closed at 22,783 points, a historic high and a 0.61% increase. Its previous record high of 22,725 points is surpassed by this.

The robust performance of the banking and auto sectors, driven by stellar March quarter profits, provided underpinning for the April surge. However, the IT industry lagged behind as a result of big corporations’ underwhelming financial results and lower-than-expected revenue guidance.

In April, there was a 4.82% increase in the Nifty Bank index. The index reached a new lifetime high of 49,974 points during today’s session, moving closer to the 50,000 level.

The Nifty Smallcap 100 index concluded April with a gain of 11.40%, while the Nifty Midcap 100 index witnessed a gain of 5.81%.

Parallel to the Nifty Auto index, which saw a rise of 2.51% and a new record high of 22,634 points in today’s session, the surge from Mahindra & Mahindra, Ashok Leyland, and Edge Industries was particularly powerful. As a whole, the index gained 4.95% by the end of April.

In a similar vein, the real estate market concluded April well, regaining its optimistic pace following a 1% fall in March.

On the other hand, April’s most notable index was the Nifty Metal, which increased by 11.12%. In 2024, metal stocks have attracted a lot of attention on Dalal Street due to steady increases in basic metal prices.

High valuations and regulatory concerns that caused the March sell-off of mid- and small-cap stocks helped them recover. In April, investor confidence bounced again, resulting in record highs and robust returns for both indices.

Disclaimer: Before making any financial decisions, it is suggested to consult with qualified specialists.

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