New Delhi [India], July 3 (ANI): The Indian stock market has been experiencing an unprecedented bull run, with the BSE Sensex touching a record high of 80,000 points during Wednesday’s opening session.
The Sensex’s journey from 75,000 to 80,000 points has been notably swift, covering this 5,000-point climb in less than three months.
This significant milestone highlights the Indian market’s remarkable performance over the past few months, showcasing strong investor confidence and economic optimism.
The rally in the market gained significant momentum following the Modi 3.0 oath ceremony, reflecting positive market sentiment post-election. Prime Minister Narendra Modi took his oath for the new term on June 9, and the Sensex responded promptly, hitting the 77,000 mark the very next day.
The upward trajectory began on April 9 when the Sensex first touched the 75,000 milestone. From there, the index continued to climb steadily, reaching 76,000 points on May 27. This rise of 1,000 points within a month set the stage for further gains, as investor confidence remained high amid favorable economic policies and market conditions.
On June 10, less than a month after reaching 76,000, the Sensex hit another high, crossing the 77,000 mark. The momentum did not wane, and in just 15 days, on June 25, the index breached the 78,000 barrier. The market rally continued to gather pace, and within the next two days, the Sensex surged to 79,000 points, driven by sustained buying interest and positive economic indicators.
Market experts had initially considered the 80,000-point milestone a distant target, especially given the global economic uncertainties and market volatilities.
“The BSE Sensex has taken 7 months, since Dec 2023 to put on its latest 10,000 points to break through to an 80,000 lifetime high level. This lifetime high will attract more funds to the markets. The valuations are not cheap and India remains one of the two most expensive markets in the world. However, the fundamentally sound macros, the demographic advantages and sound policy regime with focus on growth and import substitution makes todays expensive market tomorrows sound investment and the day after bargain” said Ajay Bagga, Banking and Market Expert.
The Indian stock market has consistently proven to be a favorite destination for both domestic and international investors. Factors such as strong corporate earnings, favorable government policies, and a resilient economic outlook have contributed to the sustained bull run.
The rapid gains also highlight the significant role played by various sectors, including technology, finance, and energy, which have been driving the market’s upward momentum.
However, Nilesh Shah, MD, Kotak Mutual Fund cautioned the investors that they should remain vigilant and consider potential risks, including global economic uncertainties and market corrections.
“Sensex milestones are a Journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq (US index) went so backward that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have long-term horizon, significantly moderate your return expectations, and follow the dharma of asset allocation” said Nilesh Shah, MD, Kotak Mutual Fund.
The BSE Sensex’s surge to the 80,000 mark is a historic achievement, marking a period of robust market performance and investor confidence in India’s economic future. (ANI)
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