Sensex ends above the historic 60K mark; Nifty tops 17,850
(Sourced from PTI)
Equity benchmark Sensex jumped 163 points to end above the 60,000-mark for the first time ever on Friday, led by strong gains in HDFC Bank, Infosys, and Asian Paints. The 30-share BSE index rose 163.11 points or 0.27 percent to its lifetime closing high of 60,048.47. Similarly, the NSE Nifty advanced 30.25 points or 0.17 percent to a record finish of 17,853.20.
It took a little over 31 years for Sensex to traverse from 1,000 points to the 60,000 level. Sensex 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. Sensex has climbed from the 30,000 level to 60,000 in little over six years, reflecting the overall bullishness in the market.
Asian Paints was the top gainer in the Sensex pack, rising nearly four percent, followed by M&M, HCL Tech, HDFC Bank, Bharti Airtel, Maruti, and Infosys. On the other hand, Tata Steel, SBI, Axis Bank, ITC, NTPC, and Bajaj Finance were among the laggards.
"Sensex reaching 60,000 indicates India's growth potential and the way India is emerging as a world leader during COVID-19 period in addition to worldwide monetary expansion and relaxed fiscal policies adopted by world powers," said Ashish Kumar Chauhan, MD, and CEO, BSE. "Market rally has usually been backed by domestic institutional investors buying in equities," said Shrikant Chouhan, Head, Equity Research (Retail), Kotak Securities.
"Now rising interest from the foreign institutional investors (FIIs) is pulling the market upward," Chouhan further said. "In the coming month, the news flow on the corporate earnings would also help the market to rally further," he added. Elsewhere in Asia, bourses in Shanghai, Seoul, and Hong Kong ended with losses, while Tokyo was positive.
On the other hand, equities in Europe were also trading on a negative note in the mid-session deals. Meanwhile, international oil benchmark Brent crude rose 0.23 percent to $77.43 per barrel.