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Sensex crosses 50,000 mark for the first time

Equity index Sensex surged over 300 points to cross the 50,000-mark for the first time ever on Thursday. Backing on strong gains in benchmark majors Reliance Industries, ICICI Bank, and Bajaj Finance amid positive global cues.

After touching an all-time high of 50,126.73, the BSE index traded at 300.09 points or 0.60% higher at 50,092.21 in opening deals. Likewise, the NSE Nifty climbed 85.40 points/0.58% to trade at 14,730.10. NSEascended its highest level of 14,738.30 in early trade.

Bajaj Finserv was the top achiever in the Sensex, mounting around 4%, followed by Reliance Industries, Bajaj Finance, Axis Bank, and IndusInd Bank. On the other hand, HDFC twins and TCS were the laggards.

In the earlier session, Sensex elevated by 393.83/0.80% to close at its new record of 49,792.12, and Nifty had increased 123.55 points/0.85% to reach a lifetime high of 14,644.70. By purchasing shares worth Rs 22,89.05 crores, Foreign portfolio investors (FPIs) were the influential buyers in the capital market.

According to Binod Modi, head (strategy) at Reliance Securities, domestic equities appear to be decent at the moment given positive global cues. Binod added, that they believe that the underlying market strength remains intact amid continued recovery in key economic data and expectations of a sustained recovery in corporate earnings.

Moreover, the current vaccination drive and the full-scale opening-up of the economy promise good for the economy and equities. Furthermore, favorable monetary policies of international central bankers, a weak dollar, and a large fiscal stimulus in the US would ensure a sustained flow of FPIs in domestic equities.

On Wednesday, the United States equities finished at a high record after Joe Biden swore as the president and Biden vowed to take all the needed measures to bring back the country’s economy on track.

In Asia, stock-markets in Hong Kong, Shanghai, Seoul, and Tokyo traded with significant gains in mid-session deals. In the meantime, the global oil benchmark Brent crude was trading at $55.91 per barrel at a 0.30% hike.