The party on Dalal Street keeps getting bigger. The 30-share index has surpassed 61,000 for the first time in history.
The astounding rally comes at a time when the economy is showing recovery signs from the ravaging effects of the Covid-19 pandemic.
Interestingly, Sensex scaled the last two milestones --50,000 and 60,000-- in the current year itself. It crossed 50,000 for the first time on January 21, 2021, and the 60,000 mark on September 24, 2021.
Sensex took 20 days to reach the 61,000 mark from the historic 60,000 level. The 30-share index took nearly two months or 62 days to move from the 55,000 mark to the 61,000 mark. On the other hand, the index zoomed from 57,000 mark to 58,000 mark in just three days.
In its journey, crossing the 10K mark took the most time (5,942 sessions) followed by 30K (1,820 sessions), 40K (1,042 sessions) and 50K (415 sessions). The quickest was 50K-60K which was achieved in just 160 sessions.
"Sensex has provided a fresh breakout above 60,150 levels hence that becomes immediate support and till those levels are held the target on the upside in the short term comes to 62,600 levels," Jay Thakkar, VP and head of equity Research at Marwadi Shares and Finance Limited told BusinessToday.In.
"The daily MACD has just come into buy mode, the weekly and monthly MACD is well into the buy mode hence the momentum is well in the favor of the bulls. The index seems to be forming the fifth wave of one higher degree and within that is trading in the third wave hence 60,150 becomes crucial support on an immediate basis and till those levels are held the short to medium-term bias remains positive," he added.
“Since there are no known triggers for a sharp correction in the short run and the market momentum continues to be strong, the exuberant retail investors are likely to drive the markets further up even though seasoned investors are worried about the excessive valuations," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"Indian equity benchmark SENSEX is trading comfortably over 61,000 and making new highs daily. The rally in the Indian market is special as it was achieved despite a contraction in global economies, energy crisis, worldwide supply chain disruption, inflation threats and muted FII participation,” said Sandeep Matta, Founder, TRADEIT Investment Advisor.
“We are in the initial phase of the exuberant bull run which is well supported by earning improvements, record tax collections, and participation of new investors will surely help Sensex make new highs in upcoming months," he noted.
"There is no sign of topping out yet and markets are in the strong grip of equity bull run which may take Sensex to 72,000 level before witnessing a significant correction. Core market segments such as Banks, Auto, Financial sector is driving the rally and is ready to take Nifty to higher levels. Yes, there could be few corrective sessions in between but the same will be considered as buying opportunity," Matta added.
Equity benchmark Sensex rallied over 350 points in opening trade on Thursday to cross the 61,000-mark for the first time, driven by gains in index heavyweights Infosys, HDFC Bank and Reliance Industries amid a positive trend in global markets.
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