Sensex hits 60,000 in simply eight months after scaling 50,000 in January

It took simply eight months for the BSE benchmark Sensex to cowl the journey from 50,000 in January this yr to scale the unprecedented 60,000 mark for the primary time on Friday.
The sturdy bull rally on the Dalal Street has seen the benchmark index rising 10,000 factors after hitting the 50,000 mark in intra-day commerce 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,” stated Santosh Meena, Head of Research, Swastika Investmart.
However, he put a phrase of warning after a parabolic transfer in previous few days as a result of short-term correction can’t be dominated out in coming days.

This yr has thus far belonged to the bulls as markets have scripted many historic feats. The benchmark index has gained over 25 per cent thus far this yr.
“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,” stated Anand James, Chief Market Strategist at Geojit Financial Services stated.
But he stays watchful of markets weighing in price hike prospects as US treasury yields have begun to agency up, following Fed’s taper indicators.
The benchmark had closed above 50,000 for the primary time on February 3 this yr. Since then it has made a number of data from hitting 51,000-mark in intra-day commerce on February 5 to 59,000 degree on September 16.
“Expectations of solid economic recovery and sustained growth in the next couple of years is keeping the bulls enthused,” stated Sandeep Bharadwaj, CEO, Retail, IIFL Securities.
According to Motilal Oswal, MD and CEO, Motilal Oswal Financial Services, “Equity market today had a historical day with Sensex touching 60,000 for the first time driven by large caps with many index heavyweights touching new highs.”
The rally within the home market is pushed by optimistic international cues, sturdy inflows by FIIs/DIIs, good company earnings, falling COVID-19 instances, upbeat company commentaries and low price of capital, he stated.

He additional added that amid the buoyant sentiment and elevated exercise, valuations has reached elevated ranges and demand constant supply on earnings expectations.
“Given rich valuations, one cannot ignore intermittent volatility. However, we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings,” Oswal stated.