In a development that is sure to make Indian investors, market watchers, and companies happy, India’s benchmark S&P BSE Sensex index crossed the 50,000-mark for the first time ever in the history on Thursday.
The index rose 0.6% to 50,096.57 as of 9:09 a.m. in pre-market trade in Mumbai. The measure has logged 11 straight weeks of gains after touching successive new highs.
The rise in the index has been fueled by foreign buying, with overseas investors pouring $2.6 billion into Indian equities in January after record net purchases last quarter. Prospects of a bounce back in earnings after the economy reopened following coronavirus-triggered lockdowns have spurred investor confidence.
On May 23, 2019, the index touched the 40K mark for the first time and has gained over 9,818 points since then. This is the shortest period index took to cover 10,000 points during its 50K journey since its inception. Sensex was inaugurated in 1986 with 1979 as the base year.