New Delhi: With the Sensex reaching 85,000 for the first time, economists predicted on Tuesday that the Indian Indices might hit the historic 1-lakh milestone this year, owing to the powerful bull run, high investor mood, and healthy fundamentals.
Domestic equities reached another milestone, with the Sensex surpassing 85,000 and the Nifty crossing 26,000, indicating strong purchasing across sectors.
Dr Manoranjan Sharma, Chief Economist at Infomerics Ratings, told IANS that Sensex crossing the magical 1 lakh mark this year could not be ruled out due to a robust bull run.
“The 1 lakh mark will be reached shortly, whether this year or early next year. It would be too steep a climb, but India is certainly in the midst of a bull run in the stock market,” said Dr Sharma.
Various favourable global factors, such as the US Fed rate cut and the Chinese central bank’s global initiatives, are significantly contributing to the current bull run in Indian indices, underscoring the interconnectedness of the global financial markets.
“At the national level, government policy continuity, strong foreign inflows, consumption picking up, capital expenditure doing well, and growth rate again doing well are the factors for the Sensex to touch new highs,” Dr Sharma told IANS.
A bright view of India’s economic development, reinforced by hopes of structural changes such as the recent corporate tax cuts and investor confidence in the Indian economy’s ability to weather global challenges, boosted market momentum even more.
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At closing, Sensex was down 14 points at 84,914, and Nifty was up one point at 25,940. Selling was seen in the banking stocks. Nifty Bank settled at 53,968, down 137 points or 0.25 percent. In the Sensex pack, Tata Steel, Power Grid, Tech Mahindra, HCL Tech, M&M, JSW Steel, Wipro, Tata Motors, HDFC Bank, Sun Pharma, Bharti Airtel, Maruti Suzuki, TCS, and L&T were the top gainers.
Despite rising geopolitical concerns in the Middle East, the Indian stock market has shown remarkable resilience, with the Sensex and Nifty reaching new record highs for the fourth straight day, a testament to the market’s stability.
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