Mumbai: In a landmark for India’s stock market, the S&P BSE Sensex crossed the 50,000-mark this morning. The Sensex rose as much as 335 points to hit an all-time high of 50,126.73 and Nifty 50 index also moved 14,700 mark for the first time.
According to the data available on the National Stock Exchange, the index closed the previous session with a P/E multiple of 39.55. According to the analysts, even as Sensex hit 50,000, there are bumps ahead. The market is likely to turn highly volatile during the Union Budget 2021.
Today’s rally in BSE Sensex was fuelled by buying in index heavyweights such as Reliance Industries Ltd (RIL), Infosys, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank and Axis Bank among others.
On Wednesday, Reliance Industries’ ₹ 24,713-crore deal billion deal to buy Future Group’s retail assets was cleared by the Securities and Exchange Board of India (SEBI).