In a historic move, the Sensex breached the 75,000-mark for the first time since its inception, marking a new milestone in the Indian stock market on Tuesday (April 9). Analysts are optimistic about the continuation of the bullish trend for the next few days, with India’s strong economic prospects and an influx of retail investors likely to further bolster the upward trajectory.
On Tuesday, the 30-share BSE Sensex surged by 381.78 points, reaching an unprecedented peak of 75,124.28, while the NSE Nifty also witnessed significant gains, climbing 99 points to achieve a record peak of 22,765.30.
Notably, the Sensex has experienced a remarkable surge of approximately 25 percent over the past year and has risen by more than 26 percent from its 52-week low of 59,412.81, recorded on April 21, 2023.
The Sensex reached the 75,000 mark after 24 sessions from hitting the 74,000 milestone on March 6 of this year.
In December, ICICIdirect, in its strategy note, proposed a Sensex target of 83,250 for December 2024.
The Sensex surpassed the 25,000 mark in May 2014, shortly after Narendra Modi’s Bharatiya Janata Party (BJP) secured a decisive victory in the general elections, leading to Modi’s appointment as the Prime Minister of India.
Market sentiment soared on May 16, 2014, as investors anticipated a stable government under PM Modi’s leadership, considering him an industry-friendly figure leading up to the elections.
In 2021, the Sensex achieved significant milestones, starting with crossing the 50,000-mark. It took nearly four years for the Sensex to jump to the 35,000-mark. Following Narendra Modi and BJP’s re-election in 2019, the index surged past the 40,000 landmark on May 23.
Remarkably, the Sensex surged from the 45,000-mark to 50,000 in just 35 sessions. Despite being impacted by the COVID-19 pandemic and subsequent stimulus measures in 2020, the market staged a remarkable recovery, witnessing a staggering 91 percent surge in just 10 months to breach the 50,000-mark, marking another significant milestone. On January 21, 2021, the Sensex closed at 50,127 points.
In the same year, the Sensex continued its upward trajectory, adding another 10,000 points to reach the 60,000 mark in September 2021.
It is noteworthy that post-COVID, the Indian stock market has experienced more gains than losses.
The Sensex, established in 1986, is the oldest stock index in India, comprising 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, combining the words “sensitive” and “index.”
Launched with a base price of 100 (base year 1978-79), the Sensex remains a key indicator of the Indian stock market’s performance.