Market Achieves Yet Another Milestone

The benchmark Sensex experienced yet another milestone by rallying over the 52,000 marks for the first time ever. The 30-share BSE index jumped to 52,141.67, rallying 597.37 points during the morning trade on Monday, propelled by gains in the broader market. 

Banks and financial counters were the leading gainers in the market on Monday, with Bajaj Finance, Axis Bank, ICICI Bank, HDFC, Kotak Bank, IndusInd Bank, and HDFC Bank rising around 2.60 per cent.

The benchmark index had closed above the 50,000 marks for the first time ever on February 3 this year, mainly driven by euphoria over the Union Budget. It closed above the 51,000 marks on February 8.

Markets have been rewarding investors of late as the BSE 30-share index has more than doubled from the massive lows it faced in March last year.

Proving to be a dreadful month for the domestic stock market, March 2020 saw the Sensex sinking a massive 8,828.8 points or 23 per cent during the month as concerns over the COVID-19 pandemic’s impact on the economy ravaged investor sentiments.

From witnessing gigantic losses to record-shattering gains, investors witnessed a wide array of emotions in 2020.

Stock markets had depicted volatile trends during the last year, with the benchmark crashing to its one-year low of 25,638.9 on March 24, only to roar back to life during the later part of 2020 and hit its record high of 47,896.97 on the last day of trade on December 31.

In 2020, the benchmark index made monthly gains in seven, while closing with losses in five.

So far this year, the benchmark index has gained 4,390.34 points or 9.19 per cent.

Thanks to the ongoing rally, investor wealth has also been rising to new records and is currently at over Rs 205.47 lakh crore.