Indian Markets Hit Record High The BSE Sensex hit above 59,000 for the first time on Thursday, boosted by gains in Reliance Industries, ITC, and ICICI Bank, as well as unrestricted foreign money inflows and bullish European market indications.
In three days of the market surge, the benchmark Sensex hit the 59,000-mark for the first time on Thursday and closed at 59,015 on Friday.
This increase also made India the 6th largest stock market in the world toppling the French stock market. This rise was fueled by numerous reform measures.
The 30-share BSE index rose 417.96 points, or 0.71%, to a record closing high of 59,141.16 in its third straight session of gains. It soared 481.09 points to an all-time high of 59,204.29 during the day hour.
Similarly, the broader NSE Nifty rose 110.05 points, or 0.63%, to 17,629.50, a new closing high. It reached an all-time high of 17,644.60 during the session.
The benchmark has gained 963.4 points in three days and Indian markets hit a record high
The market capitalization of BSE-listed businesses surged Rs 4,46,043.65 crore in three days, reaching an all-time high of Rs 2,60,78,355.12 crore at the close of trade on Thursday, aided by the record rally in stocks.
“We are in a roaring and classical bull market where the Nifty and Sensex continue to achieve new milestones and I believe this bull run may continue for the next 2-3 years while intermediate correction or shakeout phases can’t be ruled out.
“If we talk about the near-term outlook then bullish momentum may continue in September month where Sensex can cross the psychological mark of 60,000 but I think we may see a correction after then, therefore, October could be a month of correction,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.
On Thursday, IndusInd Bank gained 7.34% in the BSE 30-share frontline firms pack, followed by ITC, SBI, Reliance Industries, Kotak Bank, and ICICI Bank.
TCS, Tech Mahindra, Tata Steel, Bharti Airtel, HCL Tech, and Dr Reddy’s, on the other hand, were among the laggards.
In other parts of Asia, the stock exchanges in Shanghai, Seoul, Tokyo, and Hong Kong also ended the day with large losses.
In mid-session deals, however, European equities were trading with strong gains.
Foreign institutional investors (FIIs) were net buyers in the capital markets on Wednesday, according to provisional exchange statistics, buying shares worth Rs 232.84 crore.
“Despite weak global cues, introduction of reforms for telecom and auto sectors led to the rally, giving confidence to the investors about the reform-led economic recovery,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.
The BSE midcap and smallcap indices increased 0.48% in the broader market.