Domestic stock markets made history on Friday, the last trading day of the week. The benchmark BSE Sensex crossed 60,000 points for the first time.
It reached 50,000 to 60,000 in just 167 trading sessions. In this way, it has crossed the 10,000 mark in the history of the Sensex the fastest.
Earlier, the Sensex had averaged 931 sessions to cross 10,000 points. It took 20 years for the Sensex to reach the first 10 thousand.
The corona epidemic (Covid-19 pandemic) caused the stock market to plummet in March last year but since then it has been setting new records every day.
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The Sensex has risen more than 135 per cent since March, 2020. The tsunami of global liquidity and the recovery in earnings from companies more than expected is hitting the stock market.
Prateek Gupta, CEO of Kotak Securities and co-head of Institutional Equities, said the trend could continue in the short term.
When will the Sensex reach 70 thousand?
Companies from different sectors played a role in the Sensex's journey of 50,000 to 60,000 points. The biggest gainers during the period were two non-bank lenders, a steel company, a government bank and an IT company.
Meanwhile, Bajaj Finserv shares 105 per cent, Tata Steel 98 per cent, Bajaj Finance 54 per cent and State Bank of India (SBI) 53 per cent. And Tech Mahindra's shares have risen 52 per cent.
But the biggest contributors to the Sensex reaching 50,000 to 60,000 were Infosys (up to 30 per cent), Reliance Industries (up to 19 per cent), ICICI Bank (up to 30 per cent) and Bharti Airtel. , Up to 25 per cent).
If the momentum continues, the Sensex could reach 70,000 points by June 2022, but many risks are emerging that could halt its flight.
Brokerage firm Jefferies India said in a recent report that the economic recovery in India could slow down the RBI's liquidity support, which could affect the perception of equity markets.