Mumbai: The Sensex achieved an important milestone as it crossed the 70,000 mark for the first time intraday on Monday soon after market opened. However, due to consolidation at higher levels both Sensex and Nifty-50 closed lower but still made new all time highs.
The Sensex closed at 69,928 after touching a high of 70,057.83 gaining 102.93 points or 0.15 per cent while Nifty-50 closed at 20,997.10 up 27.70 points or 0.13 per cent after hitting intra-day high of 21026.10.
The Sensex took over two years and two months to travel from the 60,000 mark it crossed for the first time in Sept., 2021 to the 70,000 mark. Earlier in February 2021 the benchmark index had hit the 50,000 mark as the economy came back strongly after Covid cases started declining all over the world.
At market close BSE’s market capitalisation also stood at a new all time high of over Rs 351.09 lakh crore.
The broader market rallied led by the BSE Mid-cap index(0.91 per cent) and BSE Small-cap index (0.71 per cent).
“Indian markets experienced a modest uptick. The Sensex and Nifty reached new milestones of 70,000 and 21,000, respectively, before retracing from their peaks and settling into a flat trajectory amidst volatile trading later in the day. Profit-taking occurred at higher levels, with traders eagerly awaiting key data releases scheduled for the following day. The upcoming significant data includes inflation figures from both the US and India, along with the domestic index of industrial production(IIP) data. The outcome of the FOMC meeting, set for December 13, stands out as a crucial event to monitor,” said Shrey Jain, founder and chief executive officer, SAS Online - a discount broker.
“Overall, the market displayed a range-bound behaviour, demonstrating resilience at both support and resistance levels,” Jain said.
The US Federal Reserve will announce its next move on interest rates on Wednesday.
Foreign Portfolio Investors (FPIs) have turned bullish, investing Rs 26,505 crore into domestic equities in the first six trading sessions of December.
