BSE Sensex hit 60,000 points on Friday with fall in covid situations and increasing vaccination, coupled with improvement in financial activity. Sensex took just six trading sessions to add the last 1,000 points to climb to 60,000. In the prior session yesterday, the Sensex logged powerful triple-digit returns, hitting an intraday higher of 59,957, and closing at 59,885 points – up 958 points.
Analysts cautioned that correction could be on cards. “All previous bull markets in India — 1992-92, 1994, 1998-2000, 2003-07 — had big corrections of 5%, 10%, even 20%. But not now so far. But this will change and the market will correct, perhaps soon, since valuations are hard to justify,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, mentioned. Vijaykumar added that the amateurish revenue of retail investors have been now dominating more than the clever revenue of institutional investors.
Sensex journey from 50,000 to 60,000 points
– As bulls dominated D-Street, the 30-share Sensex mapped a journey from 50,000 to 59,000 in a period of eight months from 21 January 2021 to 16 September 2021.
– Sensex jumped to 58,000 from 57,000 in just 3 days (from 31 August-3 September).
– So far this month, Sensex has gained 4.4 per cent when more than 7 per cent in the previous one month.
– On a year-to-date (YTD) basis, BSE Sensex has rallied 25.10 per cent.
– Earlier this year, it touched a historic higher of 50,000 in intraday bargains in January and crossed 51,000 on 5 February in an Union Budget induced rally.
– Carrying on with the momentum, the benchmark index claimed 52,000 on 15 February.
– BSE Sensex took more than 4 months to add a further 1,000 points to clinch the 53,000 mark for the initially time ever, following a correction in Indian stock markets due to increasing COVID-19 situations.
– It then surged previous 54,000 on 4 August 2021.
– The next important levels of 55,000, 56,000 and 57,000 have been accomplished on 13 August, 18 August, and 31 August, respectively.