Sensex reclaims 60K mark after four months, what lies ahead?

Sensex reclaimed the 60,000 mark today led by gains in consumer durables, IT and banking stocks. The 30-stock index regained the level last seen on April 5, 2022. The index closed at 60,176 in that session. In the afternoon session today, the 30-stock index was trading at 60,178, nearly 2,500 pts away from the all-time high of 62,245 it hit on October 19, 2021. Nifty was trading at 17,921, nearly 700 points aways from all time high of 18,604 it touched on October 10 last year.

While Sensex rose 326 points to 60,168, Nifty gained 96 points to 17,920 in the noon session. With today's rally, Sensex has climbed 3.29 per cent or 1,924 points and Nifty has rallied 3.32 per cent or 576.55 pts this year.

In the last one year, Sensex and Nifty have gained 4,400 points and 1,311 points, respectively. Market cap of the BSE-listed firms rose to Rs 279.71 lakh crore today.

Share Market Live: Sensex reclaims 60k mark, Nifty crosses 17,900; Bajaj twins top gainers

Market breadth was positive today with 1,994 shares rising against 1,363 shares falling on BSE.

Here's a look at what experts said about Sensex regaining 60k mark and the outlook for the benchmark indices in the near future.

Jaideep Hansraj, MD & CEO Kotak Securities

 "Today's rescaling of the 60,000 peaks is a sign of the strength of retail investors in India. It shows the belief of the investors in the India growth story and is another reminder to all of us to be optimistic about India Inc."

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd

"Sensex hits 60k level after four months led by consumption related stocks & sectors. From the macro factors, crude oil prices helped our markets to revive from lower levels. At one point, Sensex was about to break the psychological level of 50k but the confidence in the domestic economy from the retail investors, domestic institutions and fund manager managers helped the markets to stay above it. The market is not far from crossing the levels all time highest levels."

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Devang Mehta, Head- Equity Advisory, Centrum Wealth

"Markets are just 3 to 4 percent off their life time highs. I think, clearly the sentiment along with liquidity & macro plus micro fundamentals are supportive for a long term rally but yes it will have its share of speed breakers & volatility. Clearly the day when US inflation came in at 9.1 percent, a lot more than expectations, markets factored in an aggressive rate hike and moved forward. While inflation & interest rates can still come & haunt the economies & markets, but a confluence of factors including low valuations be it P/E, P/BV, Mcap to GDP, oversold markets, the fall in commodity prices etc helped markets to move northwards. Add to it, crude from130 to 93, is a huge tailwind for our own economy & hence markets. The return of Foreign institutional investors, Credit growth in mid teens for the banking sector, decent monsoon, commentary on impending capex & above all the first quarter earnings season, which did not disappoint the street, were catalysts for this up move.  With festive season in India for the next few months, revenge shopping, eating out & revenge travel, a lot of consumption-oriented sectors would find favour and with credit growth and capex coming back, BFSI would also be a beneficiary."

Nilesh Shah Group President & MD, Kotak Mahindra Asset Management Company

"Sensex at 60000 is just a number. As an investor did you benefit out of it ? Were you able to average at lower levels ? Keep faith in India growth story and use corrections as an opportunity to add to your equity portfolio."