The stock market closed up for the third consecutive day on Wednesday. The BSE Sensex gained 458 points to close at 50,255.75 for the first time. The index also touched a record level of 50,526.39 during this period. Earlier, the index had crossed the 50 thousand mark in intraday on January 21 and February 2 as well.
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Sensex Rises 5 Thousand Points in 60 Days
On January 29 this year, the index closed at 46,285.77. In this regard, the index has gained 3969.98 points in the last three days. The index has traveled from 45 thousand to 50 thousand in just 60 days, as the Sensex closed for the first time on December 4 at 45,079.55. The Nifty index closed up 14 points at 14,789.95. It also touched a record level of 14,868.85.
Morgan Stanley’s Target on SENSEX, Index May Reach 61 Thousand
Global brokerage company Morgan Stanley has increased its target on SENSEX for 2021. It has been increased from 50 thousand to 55,000. According to the company, if the index is similar, by the end of the year, the index can reach beyond 61 thousand.
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The Main Reason for Market Growth
2021-22 Budget: Most market analysts believe that the overall budget is positive for the stock market, as no new tax has been imposed in it. Also, there was no talk of Corona cess, due to which the market was slipping for 6 consecutive business days.
Growth in global markets: The domestic market also got support for growth in global markets. It also includes European and American stock markets including Japan, Korea. In addition, positive updates to the new Corona relief package in the US have also been affected.
Strong domestic cues: Market heavyweights traded well. These include shares of Reliance Industries, HDFC Bank, HDFC, SBI, IndusInd Bank, Bharti Airtel and Kotak Mahindra.
57% Increase in Shares on the Exchange
Shares of public sector banks and pharma sector led the market growth. This has resulted in the Nifty Pharma index closing up 2.79% and the PSU index up 2.61%. About 3,141 shares traded on the exchange. 1,783 shares closed up and 1,202 declined. The total market cap of the listed companies has also increased to Rs 198.47 lakh crore. It was Rs 196.60 lakh crore on Tuesday.
Lead in Global Markets, Fastest in US and Europe
On Wednesday, global markets recorded an increase. Korea’s Kospi index closed up 1.06%, Japan’s Nikkei index 0.96% and Australia’s All Ordinaries index up 0.90%. On the other hand, Hong Kong’s Hangseng Index and China’s Shanghai Composite Index closed down. Earlier in the US markets, the Dow Jones, Nasdaq and S&P 500 indices closed up over 1-1%. In the European market, the UK FTSE index closed up 0.78%, Germany’s DAX index was up 1.56% and France’s CAC index was up 1.86%.