It’s been a week of milestones for the Dalal Street thus far. Not only did the markets hit new all-time highs but also the Sensex closed above the psychologically important 75,000 level for the first time ever. Interestingly this 1000 point journey from 74,000 was undertaken in 24 sessions flat after the Sensex breached the 74,000-mark on March 6.
The journey from 70,000 to 75,000 points took the Sensex approximately 80 sessions or less than four months, underlining the market’s robust performance and resilience. This is significantly less compared to the Index’s journey in covering the previous 5000 points from 65,000 to 70,000 which took 80 days.
In April so far, the Sensex has surged 1.85%, following a 1.6% increase in March, 1% in February. Over the past year, the Index has recorded a substantial 25.4% gain.
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Sensex crossed 67,000 in July 2023, taking nearly 93 sessions or approximately 4.6 months to surpass the 68,000 points mark on December 4, 2023 whereas the next 1,000-point milestone was conquered in just a single day on December 5, 2023.
December 2023 proved to be a month of extraordinary achievements for the index, with three additional milestones of 70,000, 71,000, and 72,000 levels reached on December 14, December 15 and December 27, respectively.
The momentum carried into the new year as the Sensex soared to new heights, crossing the 73,000 mark for the first time on January 15, 2024. March 6, 2024, witnessed yet another milestone as the index surged past the 74,000 mark.
Finally, on April 9, 2024, the Sensex made history once again by breaching the coveted 75,000 mark.
The rally extended beyond the benchmark indices, as evidenced by notable gains in the Nifty Midcap 100 and the Nifty Smallcap 100 indices, both witnessing increases exceeding 0.3%.
Several sectors contributed to the bullish sentiment, with robust buying activity observed in Nifty Realty, Nifty Auto, Nifty IT, and Nifty PSU Bank sectors, among others.
Multiple factors have contributed to this upward surge, including continued inflows from foreign investors, strong macroeconomic data, and a decline in crude oil prices.
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Additionally, supportive global market trends have further bolstered investor confidence, propelling the Indian stock market to new heights.
Analyst On Record Highs
Commenting on the record highs Ajay Menon, MD & CEO, Broking & Distribution at Motilal Oswal said that India is currently enjoying the confluence of the best macro and micro tailwinds, such as moderating inflation, range-bound crude prices, easing of 10-year G-sec yield, stable currency, and resilient corporate earnings and new listings and IPOs too contributed to the ongoing bull run.
“India’s capital markets have witnessed vibrant participation from domestic retail investors, with Demat accounts surging to 151m in Mar’24 India boasts of a unique combination of ‘size and growth’ as India’s GDP is likely to exceed USD4t in FY25/26 and reach USD8t by FY34,” Menon added.
Whereas Vinod Nair, Head of Research at Geojit Financial Services says that India is currently enjoying the confluence of the best macro and micro tailwinds, such as moderating inflation, range-bound crude prices, easing of 10-year G-sec yield, stable currency, and resilient corporate earnings.
“Expectations of political continuity after the forthcoming Lok Sabha Elections’24 should bolster the overall economic momentum further, with a focus on infrastructure, capex and manufacturing occupying the centre stage,” added Nair
