9 April 2024 – India’s stock market continues its upward trajectory as the Sensex surges past the 75,000-mark, following a recent milestone of Rs 400 trillion in combined market capitalization. This surge reflects a resilient economy and positive sentiment among investors.
The Sensex opened at 75,124.28, marking a significant milestone just 82 days after crossing the 70,000 mark in December 2023. Over the past year, the index has seen a remarkable gain of over 25 percent, and a substantial 14 percent increase in the last six months alone.
Several factors are driving this surge, including a robust domestic economy and consistent GDP growth. Additionally, factors such as credit growth and policy continuity contribute to investor confidence, according to Kranthi Bathini, Director of Equity Strategy at WealthMills Securities.
Global investors are particularly drawn to India due to the clarity on policy continuity, especially amidst elections in 64 countries worldwide this year. This clarity enhances India’s appeal as an investment destination, fueling optimism in the equity markets.
During this latest surge, various sectors have witnessed substantial gains, notably realty, telecommunications, energy, auto, and capital goods stocks. Notable gainers include Maruti Suzuki, Reliance Industries, and Mahindra and Mahindra, with Tata Steel, Infosys, and JSW Steel leading morning trades on April 9.
Analysts remain bullish on the Indian economy, with consensus across domestic and foreign investors. As the earning season approaches, the outlook of companies will play a crucial role in sustaining this upward momentum.
