Equity barometer, Sensex topped the landmark of 55,000 in intraday trade on August 13 amid mixed global cues.
The July retail inflation number released on August 12 boosted investor sentiment. The expectation is that the lower inflation level could give comfort to RBI to keep rates low and maintain a dovish stance for a longer time.
Consumer Price Index-Based inflation (CPI) for July came in at 5.59 percent, back within the Monetary Policy Committee's inflation targeting range of 4 (+/-2) percent, on the back of softening food prices.
Benchmark indices - Sensex and Nifty - hit their fresh record high of 55,317.07 and 16,500.40, respectively, in morning trade.
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A remarkable journey
The journey of Sensex from 50,000 to 55,000 has been a remarkable feat due to the fact that it took only 7 months for the Sensex to rise 5,000 points.
Sensex topped 50,000 mark for the first time on January 21, 2021, in intraday trade. After that it took just 10 sessions to hit 51,000 mark on February 5, and 6 sessions to hit 52,000 mark on February 15.
It took slightly longer to rise for another 1,000 mark as that was the time when India was witnessing the devastating second wave of the coronavirus pandemic.
Sensex took 85 session to rise from 52,000 to 53,000 on June 22, 2021. After another 30 seesions, Sensex was at 54,000 mark on August 4 and after just 7 sessions, on August 13, Sensex hit the milestone of 55,000.
As many as 31 stocks from the BSE 500 index more than doubled during Sensex's journey from 50k to 55k while three stocks - Happiest Minds Technologies, JSW Energy and Balaji Amines surged between 207-281
percent.
Among the sectors, BSE Metal has jumped more than 75 percent during Sensex's vault from 50k to 55k.
Basic Materials (58 percent), utilities (35 percent), industrials (28 percent), power (28 percent), IT (23 percent), realty (22 percent) and pharma (21 percent), too, clocked healthy gains during that period.
BSE Midcap and smallcap indices jumped 21 percent and 42 percent, respectively, during that period.
The market is expected to rise further in the short term with economic growth picking pace and growing ambit of vaccination.
"We can expect the next level of the Nifty to be 16,600-16,650. Since the undercurrent is bullish and the momentum is fierce, a buy-on dips approach can be implemented for higher targets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
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