India's 30-scrip equity benchmark, S&P BSE surged past the 60,000-mark Friday in a historic rally that market participants joke has made it a senior citizen. Nifty also almost reached adulthood as it surged over 17,900, traders joked.
Sensex rallied over 350 points to hit the 60,244 for the first time in opening trade Friday, led by strong gains in index majors like Infosys, HDFC Bank, and TCS.
The 30-share Sensex was trading 359 points or over half a percent higher at its lifetime high of 60,244.65. Similarly, Nifty soared 100 points or half a percent to its intra-day record of 17,923.35 in initial deals.
It took a little over 31 years for the Sensex to traverse from 1,000 points to the historic 60,000 level. The benchmark index was at 1,000 points back on July 25, 1990, and took nearly 25 years before it touched the 30,000-mark on March 4, 2015.
In January 2021, Sensex was at 50,000 and within nine months, it has touched 60,000. Sensex has also outperformed other emerging markets. Comparing with the Western markets, Nifty is up 20 percent and big indices like France's CAC, Germany's DAX and even Wall Street have underperformed.
While Nifty and Sensex are up 20-21 percent, Nifty Bank is also close, rising above 15 percent. Small and mid-caps have also joined the party, rising over 35-40 percent.
Among other sectoral gauges, IT and Metal indices have both outperformed the benchmarks, whereas auto and pharma space have been underperformers.
Watch CNBC-TV18’s Nigel D'Souza as he takes us through Sensex's journey from 50,000 to 60,000.
(Text inputs from PTI)