Sensex Touches Record High, Days After Markets Crashed On Counting Day

Sensex Touches Record High, Days After Markets Crashed On Counting Day

Mumbai: The benchmark Sensex on Wednesday soared to a fresh record high, days after markets witnessed a steep fall on counting day for the assembly elections in five states.

Key Highlights:

Sensex closed at 60,998.65, up 385.82 points (0.63%)
Nifty 50 closed at 18,183.70, up 118.90 points (0.66%)
Reliance Industries and HDFC Bank were among the top gainers
IT stocks also contributed to the rally

Recovery from Counting Day Crash:

On March 10, the markets had witnessed a sharp decline on counting day for the assembly elections in Uttar Pradesh, Punjab, Uttarakhand, Goa, and Manipur. The Sensex had plunged over 1,500 points, while the Nifty 50 had lost over 450 points.

Factors Driving the Rally:

Positive global cues, with major Asian and European markets showing gains
Strong corporate earnings, with several companies reporting better-than-expected results
Outlook for the Indian economy remains bright, supported by strong growth prospects
Foreign institutional investors (FIIs) have turned net buyers in recent sessions

Sectoral Performance:

Metal, IT, and banking stocks led the rally
Auto and energy stocks also gained ground
Healthcare stocks underperformed

Analysts’ View:

Analysts attribute the market recovery to a combination of positive newsflows and a better-than-expected earnings season. They expect the bullish momentum to continue in the near term.

Conclusion:

The Sensex’s record-breaking rally demonstrates the resilience of the Indian markets. While short-term volatility is to be expected, the outlook for the markets remains positive, supported by strong economic fundamentals and favorable global cues.