Sensex Hits 50,000 Hits For The First Time In The History

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India’s stock market – BSE Sensex opened with the benchmark scaling the 50,000 marks for the first time in history and the 50-share Nifty50 index surging past the 14,700 marks.

As per the Financial Express report, at 10:10 AM the Sensex was up 254 points or 0.51% at 50,047.10 after making an intraday high of 50,126.73, and the Nifty 50 index also moved past the 14,700-mark up 74.65 points for the first time. It was completely unexpected that the Sensex would ever hit the 50,000 mark so early when it fell to a four-year low of 25,638.90 in  March 2020 due to the Coronavirus pandemic.

It took three months for the BSE Sensex to go from 40,000 to 50,000 points and within just nine sessions to gain 1,000 points from 49,000 points. This Sensex is the fastest 10,000 summit as previously the Sensex was from 10,000 to 20,000 in the 2007 stock market rally in 633 days. The index had breached the 40,000-mark 610 days ago.

As per the reports, Bajaj Finance was the top Nifty gainer, the stock rose 3 percent to ₹ 5,143 after the lender reported a 29 percent year-on-year decline in consolidated net profit at ₹ 1,145.98 crore for the three months to December due to higher losses and provisions. Then Tata Motors, UPL, Bajaj Finserv, IndusInd Bank, Reliance Industries, HCL Technologies, Eicher Motors, Hero MotoCorp, Shree Cement, Dr. Reddy’s Labs, and Wipro also rose between 1-3.5 percent. Adani Ports, TCS, HDFC, Tata Steel, GAIL India, JSW Steel, Bharat Petroleum, and HDFC Bank were among the notable losers.

Now it is expected that due to  Coronavirus vaccination which is underway in India, this will drive the stock markets even higher.  Reliance and HCL which are doing great are global tech giants that are led by United States markets close at a record high. The overall market breadth was positive as 1,484 shares were advancing while 614 were declining on the BSE.

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