Markets

Sensex scales historic 60,000 mark; Nifty tops 17,850

Tata Steel, SBI, Axis Bank, ITC, NTPC and Bajaj Finance were among the laggards. File.   | Photo Credit: PAUL NORONHA

Equity benchmark Sensex jumped 163 points to end above the 60,000-mark for the first time ever on Friday, led by strong gains in HDFC Bank, Infosys and Asian Paints.

The 30-share BSE index rose 163.11 points or 0.27% to its lifetime closing high of 60,048.47. Similarly, the NSE Nifty advanced 30.25 points or 0.17% to record finish of 17,853.20.

It took a little over 31 years for the Sensex to traverse from 1,000 points to the historic 60,000 level.

The benchmark index was at 1,000 points back on July 25, 1990 and took nearly 25 years before it touched the 30,000 level on March 4, 2015.

The Sensex has climbed from the 30,000 level to 60,000 in a little over six years, reflecting the overall bullishness in the market.

"Sensex reaching 60,000 today is an indicator of India's growth potential, as well as the way India is emerging as a world leader during COVID period in addition to worldwide monetary expansion and relaxed fiscal policies adopted by world powers," said Ashishkumar Chauhan, MD and CEO, BSE.

Asian Paints was the top gainer in the Sensex pack, rising nearly 4%, followed by M&M, HCL Tech, HDFC Bank, Bharti Airtel, Maruti and Infosys.

On the other hand, Tata Steel, SBI, Axis Bank, ITC, NTPC and Bajaj Finance were among the laggards.

"Market rally has usually been backed by domestic institutional investors (DIIs) buying in the equities, but now rising interest from foreign institutional investors (FIIs) is pulling the market upward," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

In the coming month, the news flow on the corporate earnings would also help the market to rally further, he added.

Elsewhere in Asia, bourses in Shanghai, Seoul and Hong Kong ended with losses, while Tokyo was positive.

Equities in Europe were also trading on a negative note in mid-session deals.

Meanwhile, international oil benchmark Brent crude rose 0.23% to $77.43 per barrel.


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Printable version | Oct 18, 2021 7:38:34 PM | https://www.thehindu.com/business/markets/sensex-scales-historic-60000-mark-nifty-tops-17850/article36649016.ece

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