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Sensex climbs 40,000 for first time since February 25 — what Mr Market seems to be discounting

Despite the poor economic data points and significant earnings drop, the market is around 5 percent away from its record high levels touched in January this year.

October 09, 2020 / 03:35 PM IST

The equity market continued its rally for the sixth consecutive session with the BSE Sensex reclaiming the psychological 40,000 mark for the first time since February 25 this year.

The rising expectations for better earnings in the September quarter after TCS reported higher-than-expected numbers with a big share buyback of Rs 16,000 crore, and hope for a stimulus package in the US and India along with global liquidity could be driving the market rally.

The BSE Sensex rallied 5.8 percent to close at 40,182.67, while the Nifty50 gained 5.5 percent at 11,834.60, driven by technology and bank stocks.

Despite the poor economic data points and significant earnings drop, the market is around 5 percent away from its record high levels touched in January this year.