Historic Journey of Sensex! When It Was 100 Points to Reach 60k

Markets were on a frazzle on Thursday, the day when the weekly F&O expires, as wild buying uplifted benchmarks to record a new highs. The record shattering Bull Run on Dalal Street continued with benchmark indices sealing fresh records. The S&P BSE Sensex humped over 1,000 points to hit an all-time high level of 59,957 just 100 points away of 60K milestone. Meanwhile, the Nifty50 claimed a notable peak of 17,844, roaring over 276 points. The BSE Mid Cap and Small Cap indices, though in the green, under performed the benchmarks with gains of 1.28% and 0.91% respectively. The markets gained largely in line with the benchmarks.

The Nifty Realty index jumped 9%, while bank, PSU bank, private bank, financials, and IT indices jumped 1-2%. Market research shows sustaining above 17850, the market expects to gain momentum, leading to an upside projection till 18000 level. The positive momentum indicators and improved market breadth, altogether strengthened a short-term bullish outlook.

The pandemic period recorded a jump in retail participation in the market. Over the last two years between June 2019 and June 2021, CDSL and NSDL have added around two crore new Demat accounts, a 50% increase.

Domestic equities witnessed sharp recovery today with benchmark Nifty and Sensex both recording fresh all-time highs. Notably, favorable FOMC meeting outcome and ease of concerns from possible default of Ever grande aided market rally.

1% surge in each benchmark indices amid strong global cues after the US Federal Reserve hinted that it may begin scaling down asset purchases only by November and complete the process by mid-2022. Traders continue to monitor the debt crisis at China Ever grande Group as well.