The investors market in India have been on fire, giving enormous returns to buyers in a pandemic -hit year. Each Sensex and Nifty have reached record highs. The former breached the 6,000-mark for the primary time on Friday – continuing the strong rally of the past two months.
Ashish Kumar Chauhan, MD and CEO ,Bombay Stock Exchange (BSE) said that “The Sensex reaching 60,000 for the first time is an indicator of India’s growth potential, as well as of the way India is emerging as a world leader during the Covid period, in addition to the monetary expansion and relaxed fiscal policies adopted by world powers.”
The benchmark index at the BSE hit a high of 60,333 before closing at 60,048 , a gain of 163 points. The broader Nifty at the National Stock Exchange rose 30 points to 17,853.2. In this year alone , the sensex jumped 10,000 in about eight months and crossed the 50,000 mark on January 21,2021 and 60,000 on September 24.
While the Sensex has risen from 50,000 to 60,000 over eight months — with retail investors, mutual funds, and foreign portfolio investors leading a sustained stock market rally as the economy recovered from the wreck of the pandemic — the bull run has been especially aggressive over the last two months.
An analysis of Sectoral indices shows that the rally from 50,000 to 60,000 has largely been broad based.