As Sensex hits 50,000, Zerodha founder Nithin Kamath also expressed - maybe expert opinions work once in a while. Echoing the similar view President of DSP Investment Managers Kalpen Parekh advised - stay invested!
The market experts and investors lauded the achievement at full valor.
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Equity benchmark indices scaled new record highs during early hours on Thursday with the Sensex crossing 50,000 mark for the first time. The bull run on D-Street was largely on the back of favourable global cues as investors hoped for more economic stimulus from new US President Joe Biden.
A short while after the index reached the new zenith, Twitter seemed to buzz with comments and #Sensex@50000 went viral.
Kamath, excited about the achievement, took to Twitter to say Sensex hits 50000. The most painful market rally of all time. So many of my "expert" friends (and I) have been calling a top for many months now. So yeah, that is what you should make of expert opinions - maybe they work once in a while.
At 10:15 am, the BSE S&P Sensex was up by 255 points or 0.51% at 50,047 while the Nifty 50 surged by 75 points or 0.51% to 14,720.
Except for Nifty metal and realty, all sectoral indices at the National Stock Exchange were in the positive zone with Nifty auto advancing by 1.1%, private bank by 0.6% and FMCG by 0.5%.
Among stocks, Reliance Industries gained by 2.2% to ₹2,100.35 per share after the market regulator Securities and Exchange Board of India (SEBI) gave a go-ahead to Future Group's scheme of arrangement and sale of assets to the Mukesh Ambani-led conglomerate.
Elated by the new high, Kalpen Parekh, President of DSP Investment Managers, compared his journey with the equity benchmark index and noted that it always pays to stay invested.
The DSP boss took to Twitter on Thursday to say, Journey of Sensex and me.
Joined the industry (1998) - it was ~ 3500. Today - 50000. Halved almost thrice in between and doubled too every time within next few years. Markets Fluctuate - finally rise
To capture the rise - stay invested. To cushion the falls - asset allocate
Meanwhile, Asian stocks rose to new record highs tracking US markets as investors hoped for more economic stimulus from newly inaugurated US President Joe Biden to offset damage wreaked by Covid-19 pandemic.
MSCI's broadest index of Asia Pacific shares outside Japan touched record highs and was last up by 0.85 per cent with markets across the region posting gains.
Hong Kong's Hang Seng breached the 30,000 level and rose by 0.31 per cent while Japan's Nikkei was up by 0.72 per cent. The rises in Asia followed fresh record highs on Wall Street overnight.
The Dow Jones Industrial Average rose by 0.83 per cent, the S&P 500 gained by 1.39 per cent and the Nasdaq Composite added 1.97 per cent.
(With inputs from agencies)
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