Economy India

Sensex conquers historic 60K-mark

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by

modestadorsett

The BSE Sensex made history on Friday by reaching the 60,000-mark for the first time as investors continued to accumulate banking, finance, and auto stocks despite lackluster global cues and concerns over frothy valuations.

The 30-share benchmark rose 163.11 points or 0.27 percent to its lifetime closing high of 60,048.47.

Advancing NSE Nifty

Intra-day, it touched an all-time peak of 60,333.

Similarly, the NSE Nifty advanced 30.25 points or 0.17 percent to close at a record 17,853.20.

It soared to a lifetime high of 17,947.65 during the day.

It took a little over 31 years for the Sensex to traverse from 1,000 points to the historic 60,000 level.

Touching Heights

The benchmark index was at 1,000 points back on July 25, 1990, and took nearly 25 years before it touched the 30,000 level on March 4, 2015.

ensex has climbed from the 30,000 level to 60,000 in a little over six years.

The Sensex has climbed from the 30,000 level to 60,000 in a little over six years, reflecting the overall bullishness in the market.

The last 10,000 points have come at a record pace, with the Sensex reaching the 50,000-level only in January this year.

India’s growth potential

Ashishkumar Chauhan, MD, and CEO, BSE

“Sensex reaching 60,000 today is an indicator of India’s growth potential, as well as the way India is emerging as a world leader during COVID period in addition to worldwide monetary expansion and relaxed fiscal policies adopted by world powers,” said Ashishkumar Chauhan, MD, and CEO, BSE.

Top gainers

Asian Paints was the top gainer in the Sensex pack on Friday, spurting 3.72 percent, followed by M&M, HCL Tech, HDFC Bank, Bharti Airtel, Maruti and Infosys.

On the other hand, Tata Steel, SBI, Axis Bank, ITC, HUL, NTPC and Bajaj Finance were among the laggards, shedding up to 3.60 percent.

Global markets

Global markets were on a weak footing on concerns over China Evergrande group after the real estate giant missed bond interest payments.

In Asia, bourses in Shanghai, Seoul and Hong Kong ended with losses, while Tokyo was positive.