Stocks

Quite a feat, but it says nothing about future: Sanjeev Sanyal

Our Bureau. New Delhi | Updated on January 21, 2021

Nilesh Shah   -  BUSINESS LINE

Sanjeev Sanyal

Nilesh Shah says Sensex reflects positive sentiment

With the Sensex breaching the 50,000-mark on Thursday, the market participants were naturally in a state of frenzy, but what was unusual was Sanjeev Sanyal, principal economic advisor to the Finance Ministry, reacting to it.

And, this is what he tweeted: “BSE Sensex at 50K & Nifty almost 15K!! I usually refrain from commenting on financial markets, but am making an exception here. Whatever one thinks of valuations, this is quite a milestone given the events of the past year.” At the same time, Sanyal noted that one would do well to “just enjoy the milestone”, highlighting that this “tells you nothing about what will happen in the future.”

This milestone — 35 years after Sensex as a price index was launched — has come days before the Union Budget for 2021-22 and when the economy is showing signs of strong recovery from the Covid-19 induced lockdown. The vaccination drive has also just started.

And joining him in raising a toast to the Sensex was Nilesh Shah, Group President & Managing Director of Kotak Mahindra Asset Management Company and a part time Member of the Prime Minister’s Economic Advisory Council. Said Shah: “Sensex touching 50,000 in 2021 is like Indian cricket team winning test series in Australia against all odds of Covid-19. While economic data is about the past which is improving month on month, Sensex is reflecting the positivity about the future.”

Published on January 21, 2021

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