Advertisement
Saturday, Nov 27, 2021
Outlook.com
Outlook.com

Sensex Hits 60K For The First Time

The strong bull rally on Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021.

Sensex Hits 60K For The First Time
Sensex Hits 60K For The First Time
outlookindia.com
2021-09-24T12:29:59+05:30

It took just eight months for the BSE benchmark Sensex to cover the journey from 50,000 in January this year to scale the unprecedented 60,000 mark for the first time on Friday.

The strong bull rally on Dalal Street has seen the benchmark index rising 10,000 points after hitting the 50,000 mark in intra-day trade on January 21, 2021.

“The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60,000. We are in a classical bull market like the 2003-2007 phase where this bull run is likely to continue for the next 2-3 years,” said Santosh Meena, Head of Research, Swastika Investmart.

However, he put a word of caution after a parabolic move in the last few days because short-term correction can't be ruled out in the coming days. This year has so far belonged to the bulls as markets have scripted many historic feats. The benchmark index has gained over 25 per cent so far this year.

“Sensex mounted the 60K mark as risk appetite improved after fears surrounding Evergrande debt crisis eased. BSE found almost 60 per cent of the stocks advancing in the first hour,” said Anand James, Chief Market Strategist at Geojit Financial Services said.

But he remains watchful of markets weighing in rate hike prospects as US treasury yields have begun to firm up, following Fed's taper signals.

The benchmark had closed above 50,000 for the first time on February 3 this year. Since then it has made several records from hitting 51,000-mark in intra-day trade on February 5 to 59,000 level on September 16. 

“Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused," said Sandeep Bharadwaj, CEO, Retail, IIFL Securities.

(With inputs from PTI)

Advertisement

Outlook Newsletters

Advertisement
Advertisement
Advertisement

Read More from Outlook

Past And Present Of Mumbai Bandhs: Why Mumbaikars Are No More Scared Of It

Past And Present Of Mumbai Bandhs: Why Mumbaikars Are No More Scared Of It

History is witness to the reality that the fear of the Shiv Sena went away after Uddhav Thackeray took over as the chief. Many say that his moderate outlook has defanged the Shiv Sena and turned the roar into a meow.

Uttar Pradesh: One Week On, Mystery Shrouds Death Of 3 Dalit Girls

Uttar Pradesh: One Week On, Mystery Shrouds Death Of 3 Dalit Girls

The post-mortem report said that the three girls died 'when they got crushed after coming in front of a train that was passing through'.

IND Vs NZ, 1st Test: After Patel's 5/62 Steals Show On Day

IND Vs NZ, 1st Test: After Patel's 5/62 Steals Show On Day

It's Day 3 of the first Test at Kanpur's Green Park. Follow live cricket scores of India vs New Zealand as NZ chase IND's first innings total of 345.

‘Clock Can Be Reversed In J&K After Farm Laws Repeal’

‘Clock Can Be Reversed In J&K After Farm Laws Repeal’

Former Chief Minister and Member Parliament Dr Farooq Abdullah:'The restoration of early statehood and Article 370 is the only way forward. Otherwise, Kashmiris will continue to bleed and there will be hardly any progress in this part of the world'.

Advertisement