Produced by: Tarun Mishra Designed by: Manoj Kumar
In a remarkable milestone for the Indian market, Indian benchmark index Sensex has on Monday achieved the 70,000 mark on December 11, 2023, following closely on the heels of Nifty's recent all time high surge to 21,000. This marks the fifth session in December where the Sensex has reached its peak, signaling a robust performance for the benchmark index.
Sensex has ascended from 65,000 to 70,000 in less than six months or around 107 sessions. The journey began when it first crossed the 65,000 mark on July 3, 2023. Let's take a look at the historical journey of Sensex since its inception in the eighties.
The Sensex, born in January 1986, with a trading level of about 550 points, achieved its initial 1,000-point increase after 970 sessions, reaching this milestone in July 1990. In contrast, the subsequent 1,000-point gain occurred in a significantly shorter span of 270 sessions.
The Sensex reached the 5,000 mark in October 1999, marking this milestone over 13 years after its inception. Subsequently, the index swiftly attained the 10,000 mark, achieving this feat in just seven years by February 2006. In the same year, the benchmark index witnessed further milestones as the Sensex surged past the 11,000, 12,000, and 13,000 levels.
In 2007, Sensex reached the 20,000 mark in December, accomplishing this milestone in 109 sessions with a notable 10,000-point surge. The subsequent 1,000-point advance proved to be a more gradual process, taking the index three years to achieve in November 2010. This extended duration was influenced by the global financial crisis in 2008. Similarly, the Sensex took nearly four years to reach the 22,000 mark, reaching this milestone in March 2014.
The year 2014, however, was marked as a robust period for the index as it achieved several milestones, alongside reaching the 28,000-mark in November of that year. Subsequently, the following 1,000-point increment occurred swiftly, taking just 50 sessions and reaching the 29,000 level by January 2015. However, the subsequent 1,000-point gain unfolded at a more measured pace, requiring over 225 sessions and spanning more than two years before reaching the 30,000 mark in April 2017.
In 2017, Sensex surged to the 34,000 levels by December. It took merely 16 sessions to further advance and reach the 35,000 mark in January 2018. The subsequent 5,000-point increase unfolded over approximately 1.5 years, culminating in the Sensex hitting the 40,000 mark in June 2019, just before the onset of the COVID-19 pandemic.
Sensex reached 45,000 mark in December 2020. Subsequently, the index achieved a rapid 5,000-point increase in just two months, reaching the noteworthy 50,000 milestone on February 3, 2021. Within the year 2021 alone, the Sensex experienced significant growth, soaring an additional 10,000 points to reach its 60,000 mark in September 2021.
The progression from 60,000 to 65,000 proved to be a more extended journey. It took over one and a half years and spanned 438 sessions before the Sensex reached the 65,000 mark on July 3, 2023. Following the crossing of 67,000 points in July 2023, it took nearly 93 sessions or 4.6 months for the Sensex to surpass the 68,000 points mark. The most recent advancement of 10,000 points from 59,000 occurred over 550 sessions or a span of 27 months.
The market's current upward trajectory received a boost after the Reserve Bank of India (RBI) maintained a stable repo rate at 6.5 percent and revised the FY24 GDP forecast to 7 percent.
In sync with the Sensex, Nifty50 also reached a new record high of 21,037.90, reflecting the overall bullish sentiment.