S&P BSE Sensex, India's key equity benchmark index, hit the 50,000 mark on Thursday in a few minutes within the opening of the trading session. The Sensex touched a high of 50,126. At around 9.50 am, the index was trading with gains of 300 points or 0.6 per cent at 50,016.
Also listen to this discussion on the latest milestone of the Sensex
Foreign portfolio investors (FPIs) have purchased stocks worth more than $ 20 billion in the cash segment since October last year. Sensex had managed to gain nearly 95 per cent since the low it had touched in March 2020 on the back of COVID pandemic.
Bajaj Finance, Bajaj Finserv, HCL Tech, IndusInd Bank, Bajaj-Auto, Ultratech Cement, Reliance Industries Ltd (RIL), Tech Mahindra and Titan Company were among the top Sensex performers.
US President Joe Biden has assured a massive stimulus in the US, which is keeping the global stock markets buoyant. Biden will be taking oath today and shortly unveil the stimulus, expected to be worth trillions of dollars. In India, expectations are that government will announce measures to boost economic growth in the upcoming Union Budget on February 1, 2021.