The Sensex breached 50,000 for the first time ever, on 21 January, riding on the momentum of the last few months, global liquidity and the hope that COVID-19 vaccination and stimulus measures will help the economy rebound quicker than expected.
According to MoneyControl, at 09:17 am, the Sensex was up 223.17 points or 0.45 percent at 50,015.29, and the Nifty was up 63 points or 0.43 percent at 14,707.70.
According to Reuters, investor sentiment also received a boost with global equity benchmarks touching record highs on Wednesday on expectations of stimulus from the US owing to the new Biden administration.
The index hit 25,000 for the first time in June 2014 after the Bharatiya Janata Party secured a majority in the general election. It had closed at 25,019 on 5 June 2014.
JOURNEY FROM 40,000 TO 50,000
Sensex rose to another record of 42,273 on 20 January 2020, before witnessing the worst selloff in more than a decade triggered by the COVID-19 pandemic. Within two months, the index had shaved off 15,000 points as investors flocked to safer havens and equities across the globe tumbled.
But fiscal and monetary stimulus announced by the government and the central bank prompted a one-way rebound in the equities. That was fuelled by sustained foreign inflows and hopes of a potential COVID-19 vaccine.
(With inputs from BloombergQuint)
(At The Quint, we are answerable only to our audience. Play an active role in shaping our journalism by becoming a member. Because the truth is worth it.)