New Delhi (SunstarTV Bureau): Fresh record peaks on Thursday with the benchmark BSE sensex breaching the psychological 50,000 mark for the first time ever. The 30 share pack hit a record high of 50,126.73 and the Nifty50 index scaled the fresh peak of 14,738.30 in the early trade.
Top gainers in the BSE pack included Bajaj Auto, Bajaj Finserv, HCL Tech, Reliance Industries and Asian Paints with their shares rising as much as 1.43 per cent. On the NSE platform, all the sub-indices were trading in green with Nifty IT outperforming the index by jumping as much as 1 per cent.
Notably, In the year 1999, the Sensex hit 50,000 mark. Amid this it took almost eight year to climb to 20,000 and 12 years after that to hit the 40,000 mark on May 23, 2019, in intraday trade. This time, it has taken the index less than two years to gallop another 10,000 points to hit the 50,000-mark.
Liquidity boost, low rate regime, healthy corporate earnings and robust foreign fund inflows are pushing the market high. However, analysts have been raising concern over the rich valuation of the market, as the economy is yet to recover and the COVID-19 pandemic still a looming threat.
According to Joseph Thomas, Head Of Research, Emkay Wealth Management,“The liquidity expansion by the central bank and the ample FII driven liquidity, a V-shaped recovery of growth aided by the discovery of the vaccine, and most recently, the change of guard in the US have been some of the factors propelling markets higher and higher.”