Sensex crossed the 75,000 mark on April 9, 2024, a few days before the Lok Sabha elections began. It is worth remembering that the Sensex crossed the 25,000 mark 10 years ago, on May 16, 2014, the very day the 2014 general election results were announced.
75,000 – Mark Journey
India's stock market benchmark index, BSE Sensex, briefly crossed 75,000 points for the first time on Tuesday. It opened at 75,060 points, 0.4% higher than the previous day's closing price, and closed at 74,683.70, down 0.08% from the day's opening price.
On the NSE, Nifty also hit a new lifetime high of 22,768 points during early trade but ended 24 points lower at 22,643.
The decline was partly due to investor jitters about US inflation data due on Wednesday, especially after the latest high employment data released last week, said Vinod Nair, head of research at Geojit Financial Services. Rising U.S. inflation could delay central bank interest rate cuts and push back global investors.
The broader market also supported the rally, with the Nifty Midcap 100 and Nifty Smallcap 100 indices rising over 0.3 per cent each. There was strong buying across all sectors with Nifty Realty, Nifty Auto, Nifty IT and Nifty PSU Bank gaining the most.
With this, the BSE market capitalization also exceeded 40 billion rupees.
In the last 10 years since the Modi-led NDA government took office, the wealth of investors, as measured by market capitalization on the BSE, has increased five-fold.
Interestingly, Sensex has surged around 25% in the last one year and is over 26% higher than its 52-week low of 59,412.81 hit on April 21, 2023.
Additionally, it took time for the Sensex 24 session, which recorded 74,000 on March 6 this year, to surpass 75,000.
Last December, ICICIdirect had suggested a Sensex target of 83,250 for December 2024 in a strategy note.
Sensex crossed the 25,000 mark when Modi became PM in 2014.
The 30-state Sensex took less than a decade to cross the 75,000-mark after crossing the 25,000-mark in May 2014 after the results of the general elections in which the Bharatiya Janata Party (BJP) returned to power with a landslide victory were announced. Narendra Modi has been elected Prime Minister of the world's largest democracy.
Market sentiment rose on May 16, 2014, as investors anticipated a stable government ahead of the elections and under the leadership of Prime Minister Modi, who is seen as an industry-friendly leader.
Sensex has crossed 50,000 mark in 2021.
It took almost four years for Sensex to reach 35,000 points. With Narendra Modi and the BJP retaining power at the Center in 2019, the index crossed 40,000 on May 23.
Sensex jumped from 45,000 marks to 50,000 marks in just 35 sessions.
Sensex was also affected by the COVID-19 pandemic and massive stimulus measures in 2020. However, the market came back and staged a massive rally, jumping almost 91% in just 10 months to surpass the 50,000 mark, marking another milestone. On January 21, 2021, Sensex closed at 50,127 points.
In the same year, Sensex rose another 10,000 points to hit 60,000 in September 2021.
It is worth mentioning that post-Covid Indian stock market has more gains than losses.
Created in 1986, Sensex is India's oldest stock index and consists of 30 of the largest and most actively traded stocks on the Bombay Stock Exchange (BSE).
The term Sensex was coined by stock market analyst Deepak Mohoni. It is a compound word of the words ‘sensitive’ and ‘index’.
It was launched with a base price of 100 (base year 1978-79).
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