Market Wizard

*Sensex @ 60000, Expert Take*

It took little over 31 years for the Sensex to traverse from 1,000 points to the historic 60,000 level. The benchmark index was at 1,000 points back on July 25, 1990 and took nearly 25 years before it touched the 30,000 mark on March 4, 2015.

The Sensex has climbed from the 30,000 level to 60,000 in a little over six years, reflecting the overall bullishness in the market

*Ashishkumar Chauhan, MD & CEO, BSE*

Sensex reaching 60,000 today first time ever on September 24, 2021 is an indicator of India's growth potential, as well as the way India is emerging as a world leader during COVID period in addition to worldwide monetary expansion and relaxed fiscal policies adopted by world powers.

*Shrikant Chouhan, Head of Equity, Kotak Securities*

Market rally has usually been backed by domestic institutional investors (DIIs) buying in the equities, but now rising interest from foreign institutional investors (FIIs) is pulling the market upward.

*Santosh Meena, Head - Research, Swastika*

The roaring bull market is continued in the Indian market with climbing all walls of worries where Sensex has crossed the new milestone of 60,000. We are in a classical bull market like the 2003-2007 phase where this bull run is likely to continue for the next 2-3 years

*Anand Shah, ICICI Prudential AMC*

We are coming out of very difficult times for the economy. Not only in the last two years, but even in the last four-five years we have had one shock after another which had set back the economy

*Naveen Kulkarni, Chief Investment Officer, Axis Securities*

We could see many more positive surprises from the market in the next one-two years, as we are entering into a positive upcycle of earnings trajectory. A fully functional economy over the upcoming festival season and the sustenance of earnings momentum in Q2 FY22 are the near-term triggers for the market

*Nish Bhatt, Founder & CEO, Millwood Kane*

Not only the institutional investors but also the retail investors provided legs to the current market rally. India saw millions of new retail investors entering the market as interest on bank deposits dipped. The number of Demat accounts has crossed 50 million.

The rally in the market is on prospective unlocking, the pace of vaccination despite a huge population. The demand push during the festive season coupled with an earnings upgrade for the market is another positive.

*Motilal Oswal, MD & CEO, Motilal Oswal*

The rally in domestic market is driven by positive global cues, strong inflows by FIIs/DIIs, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital.

Amid the buoyant sentiment and increased activity, valuations has reached elevated levels and demand consistent delivery on earnings expectations.

Given rich valuations, one cannot ignore intermittent volatility – however we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings

*Dhiraj Relli, MD & CEO, HDFC Securities*

The time taken for the Sensex to gain the last 5,000 points was just 42 days (vs 204 days for the previous 5,000 points). This shows the impact of return of FPIs and local investors continuing to invest despite headwinds that cropped up time and again.

The absence of a 10% correction in the indices over the last 18 months shows the maturity of the local investors but also throws up the possibility of that happening over the next few weeks/months

*Amar Ambani, Head of Institutional Equities, YES Securities*

Corporate balance sheets have been significantly strengthened with record equity raise in last two years. On the revenue front, the listed universe is on firm ground with accelerated trend of unorganized to organized, digital super-cycle and sustained cost management.

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