Benchmark stock market indices S&P BSE Sensex and NSE Nifty 50 have hit fresh all-time highs on Friday. Sensex has crossed 60,000 for the first time ever.
S&P BSE Sensex crossed 60,000 for the first time as investors remain optimistic about the future of the domestic stock markets. At 9:23 am, Sensex was trading at 60,294.53, up over 400 points. Meanwhile, NSE Nifty 50 also hit an all-time high of 17,924.05 after Friday’s opening.
After crossing 50,000 for the first time in January, Sensex has raced to cross 60,000 in just eight months. This is far better than what experts had predicted earlier. Nifty, too, has gained steadily during the period.
One of the major drivers behind the stellar stock market run this year are constant gains in banking, metal and IT stocks.
While other segments have also performed well, banking has provided one of the biggest boosts to the stock market this year, followed by a sharp rally in metal stocks. IT shares have provided constant support even on days when markets faced turbulence.
Analysts expect the strong momentum to continue, given the positive sentiment arising from rapid economic recovery after the second Covid-19.
Other factors that have helped the domestic shares rally are abundant liquidity due to the Reserve Bank of India’s favourable policies, rising demand ahead of the festive season and substantial improvement in the Covid-19 situation.