The countdown for 10,000 is already started and it looks like Nifty should be able to witness this historic event in this week.
Nifty 50 has finally hit Mount 10K. Let’s look at the key milestones concurred in the last 10 years.
NSE was incorporated in the year 1992 and was recognised as a stock exchange by SEBI in April 1993 and commenced operations in 1994 with the launch of the wholesale debt market, followed shortly after by the launch of the cash market segment. NSE launched Nifty50 Index in the year 1996.
In the last 10 years, Nifty50 moved from the level of 5000 to near 10,000 levels. In absolute terms, the index has more than doubled from 4620 recorded on 24 July 2007 to 9968 on 24 July 2017, gains of almost 116 percent.
The index first recorded 5000 level on a closing basis in the year 2007. It took 53 sessions for the index to scale above 6000 levels in December 2007.
However, index slipped back to 4,000 levels in the wake of, a global financial crisis which left many retail investors battling with huge losses.
It took more than 1,400 trading sessions or nearly 7 long years for the index to hit 7,000 levels. The index surpassed 7000 levels on closing basis for the first time in May 2014.
It quickly gained momentum and closed above 8000 levels for the first time in just 78 sessions in September 2014.
However, the next 1000 points came in 624 sessions and nearly 3 years for the index to climb Mount 9K back in March 2017.
The countdown for 10,000 is already started and it looks like Nifty should be able to witness this historic event in this week. The index took a little over 90 trading sessions or just about 3 months to rally from 9000 to nearly 10,000 levels.Get access to India's fastest growing financial subscriptions service Moneycontrol Pro for as little as Rs 599 for first year. Use the code "GETPRO". Moneycontrol Pro offers you all the information you need for wealth creation including actionable investment ideas, independent research and insights & analysis For more information, check out the Moneycontrol website or mobile app.