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It took over 13 months for the BSE Sensex to scale a new high. On Thursday November 25th, the last day of the monthly expiry, the benchmark index touched a new intra-day high of 62,412, breaking its earlier record of 62,245, reached on October 19, 2021.
In scaling a new high, the Indian benchmark index has broken new records. According to Bloomberg, the Sensex’s gain of seven percent during the year is the highest among benchmark indices in countries with a market capitalisation of over $1 trillion. Unless the market falls, the Sensex will be on course for the seventh straight annual advance (calendar year).
The rise is noteworthy because it has come despite multiple headwinds. A Russia-Ukraine war led energy and food crisis, quantitative tightening, rising inflation and interest rates, depreciating currency and record foreign fund withdrawals have all affected equity markets worldwide. But Indian markets stood strong and touched a new high.