BSE Sensex hit 60,000 points on Friday with fall in covid cases and rising vaccination, coupled with improvement in economic activity.
BSE Sensex hit 60,000 points on Friday with fall in covid cases and rising vaccination, coupled with improvement in economic activity. Sensex took just six trading sessions to add the last 1,000 points to climb to 60,000. In the previous session yesterday, the Sensex logged strong triple-digit returns, hitting an intraday high of 59,957, and closing at 59,885 points – up 958 points.
Analysts cautioned that correction might be on cards. “All previous bull markets in India — 1992-92, 1994, 1998-2000, 2003-07 — had big corrections of 5%, 10%, even 20%. But not now so far. But this will change and the market will correct, perhaps soon, since valuations are hard to justify,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said. Vijaykumar added that the amateurish money of retail investors were now dominating over the smart money of institutional investors.
Sensex journey from 50,000 to 60,000 points
– As bulls dominated D-Street, the 30-share Sensex mapped a journey from 50,000 to 59,000 in a period of eight months from 21 January 2021 to 16 September 2021.
– Sensex jumped to 58,000 from 57,000 in just three days (from 31 August-3 September).
– So far this month, Sensex has gained 4.4 per cent while over 7 per cent in the past one month.
– On a year-to-date (YTD) basis, BSE Sensex has rallied 25.10 per cent.
– Earlier this year, it touched a historic high of 50,000 in intraday deals in January and crossed 51,000 on 5 February in an Union Budget induced rally.
– Carrying on with the momentum, the benchmark index claimed 52,000 on 15 February.
– BSE Sensex took over four months to add another 1,000 points to clinch the 53,000 mark for the first time ever, following a correction in Indian stock markets due to rising COVID-19 cases.
– It then surged past 54,000 on 4 August 2021.
– The next crucial levels of 55,000, 56,000 and 57,000 were achieved on 13 August, 18 August, and 31 August, respectively.