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HomeEconomySensex hits 50,000-mark first time ever: 5 reasons

Sensex hits 50,000-mark first time ever: 5 reasons

With the US markets creating fresh records, Sensex and Nifty too could witness smart gains; Wall Street climbed even higher on 20 January

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Equity indices scaled new heights today with the benchmark BSE sensex breaching the psychological 50,000-mark for the first time ever. The 30-share BSE index rose over 300 points to an all-time high of 50,127 in early trade; while the broader NSE moved nearly 100 points higher to 14,738.

Top gainers in the BSE pack were Bajaj Auto, Bajaj Finance, Bajaj Finserv, HCL Tech, Reliance Industries and Asian Paints with their rising as much as 1.43%. On the NSE platform, all the sub-indices were trading in green with IT outperforming the index by jumping as much as 1%.

Why Sensex rallied

New US government: The domestic indices rose on optimism over the new Joe Biden administration that may lend more support to the struggling US economy, setting off a recovery that’s crucial for the export-driven Asian region. Market players said that with the US markets creating fresh records, Sensex and too could witness smart gains. Wall Street greeted the new US president by climbing even higher on 20 January, closing at records amid promises of big economic stimulus and relief that the inauguration was uneventful. All three major indices (Dow Jones, Nasdaq, S&P 500) ended at all-time highs after Biden was inaugurated as the 46th president of the United States in a peaceful ceremony.

“In general, this is a market that’s growing optimistic that increased fiscal spending will boost the economy and lead to earnings growth,” Art Hogan, chief market strategist at National Securities, said.

Strong corporate earnings: Analysts said that strong corporate earnings by Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies and are fuelling the bullishness on Dalal Street.

Budget 2021 in focus: Investor sentiments remained positive amid hopes of bold economic in the upcoming Union Budget 2021-22. Finance minister Nirmala Sitharaman will present this year’s Budget on 1 February.

“Moving the markets were expectations of positive announcements from India’s upcoming budget and encouraging corporate earnings, Ajit Mishra, vice president, research at Religare Broking told Reuters.

Foreign fund inflows: Wednesday’s rally was backed by a Rs 2,289-crore net foreign fund inflow, although domestic funds were net sellers at Rs 865 crore, data from the BSE showed. And on Tuesday, foreign institutional investors (FIIs) were net buyers in the capital market as they purchased worth Rs 257.55 crore.

IPO push: The Rs 4,633-crore maiden public offering for Indian Railway Finance Corp (IRFC), which closed on Wednesday, was subscribed 3.5 times. Through this offer, the government aims to mobilise about Rs 1,544 crore by diluting part of its stake in the NBFC, while the company is raising Rs 3,089 crore as fresh capital.

20 January witnessed the launch of the IPO for Indigo Paints, which was subscribed nearly two times.

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