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Sensex today hit the 60,000 milestone as Indian indices continued to surge to record highs, taking the benchmark index less than a year to climb the fastest ever 10,000 points from 50,000 mark it had hit in January this year. The Nifty 50, on the other hand, neared 18,000, supported by rally in tech stocks. 

The market capitalisation of BSE-listed companies reached an all-time high of 261.73 lakh crore on Thursday, helped by a massive rally in the equities where the benchmark Sensex zoomed 958 points to end at a fresh lifetime peak.

From an equity market cap of 6 lakh crore (6,12,224 crore) in 2001-2002 to 68,39,083.61 crore mcap in 2010-11, and now at around 2,61,73,374 crore (as on September 23), the benchmark index has created and rewarded its investors with enormous wealth.

“Sensex reaching this milestone is quite an achievement in these Covid times and a shot in the arm for bulls who are in total control of this market. The outperformance of India during September so far is stunning with MSCI World Index down 2.13 % and Nifty up by 4.03%. The poor performance of the Shanghai Composite due to regulatory crackdown and the China Plus One policy have again made India an attractive investment destination for FIIs," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

However, Vijayakumar cautioned that the market exuberance has pushed valuations to very high levels as India's valuation premium to EM peers is above 80% now and this is difficult to sustain. He further advised "Investors may think of reducing portfolio risk by moving to the safety of high quality large-caps. Partial profit booking in the mid and small-cap segment and moving some money to fixed income also may be considered."

BSE, the first ever stock exchange in Asia established in 1875 and the first in the country to be granted permanent recognition under the Securities Contract Regulation Act, 1956, has had an interesting rise. The journey of BSE is as eventful and interesting as the history of India's securities market.

India's first equity index launched closed above the four-digit figure of 1000 for the first time on 25th July 1990. Many economic and political events pushed the levels of the benchmark index to several milestones - from surpassing 5,000 in 1999, closing above 10,000 in February 2006.. to hitting 50,000 in January this year and crossing the crucial 60,000 mark today.

Meanwhile, as new investors turned up to participate in the bull market rally, Premier bourse BSE had added 1 crore registered investor accounts to its platform between June 6 and September 21, taking the total to over 8 crore in a span of just 107 days, the fastest pace of addition in its history.

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