Sensex retracts after crossing 50000 during intraday trade

The stock market made a historic open today at 50,096 and later scaled to a new peak of 50,184.01. However, at the end of the day the 30-share BSE Sensex Sensex closed down by a massive 167 points at 49,624.76. The Nifty of the National Stock Exchange also closed with a slight decline. This morning it opened at the level of 50096 with a jump of 304 points. At the same time, the NSE 50-share major index Nifty started with a green mark. The Nifty opened at 14,730 today and closed at 14,590.35 with a loss of 54.35 points.

Stock markets have approved the sale deal of Future Retail’s retail assets. Future Retail is going to sell its retail assets to the Mukesh Ambani-led Reliance Group for Rs 24,713 crore. This led Reliance Industries to climb 2.09 percent. Motilal Oswal, managing director and chief executive of Motilal Oswal Financial Services, said that the market is expected to remain strong for some time due to the expectation of a sharp improvement in economic activity during the pandemic. “Global signs are positive, foreign institutional investment flows remain strong and companies better-than-expected quarterly earnings remain high”.

He said, “We hope that this momentum will continue even further as companies see better profitability, strong liquidity position, success on the development path of Corona vaccine, broadening the base of improvement in economic conditions and lower interest rates.” VK Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The Sensex reaching the 50,000 mark is good news not only for the market and investors but also for the economy.” Markets are ‘barometers’ of the economy. If this is true then the Indian economy is on the path of strong recovery. If the growth front and the earnings of the companies continue to improve, then you can be surprised by going to market and height.

He said that at the same time it is also important that market valuation is high in terms of short term. In such a situation, there may be correction in the market at a higher level. After Biden took oath as US President, there was a strong trend in global markets. Other Asian markets saw gains in China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikki. Hang Seng in Hong Kong declined.

European markets were mixed in early trade. Meanwhile, the global benchmark Brent crude was down 0.89 percent at $ 55.58 a barrel. The rupee rose by six paise to 72.99 per dollar in the interbank foreign exchange market. This is its high level of about five months. Foreign institutional investors bought shares worth a net Rs 2,289.05 crore on Wednesday.

After reaching a low level in March, on October 8, the Sensex had crossed 40 thousand to 40,182. On November 5, the Sensex closed at 41,340. On November 10, the index level at intraday reached 43,227, while it crossed 44180 on November 18 and 45000 on December 4. On December 9, the Sensex closed at 46103.50, up from 46000 for the first time.

The Sensex opened at 46284.7 on 14 December 2020. On December 21, the Sensex reached the level of 47055.69. On December 30, the Sensex had reached an all-time high of 47,807. After this, the Sensex opened at a new peak of 48616.66 on Wednesday 6 January, crossing the level of 48 thousand in the new year. The Sensex touched a new peak of 48797.97 on 8 January. While the Sensex reached a new peak at 49260.21 on 11 January itself and today, ie on January 21, the Sensex created another history, reaching an alltime high of 50,184.01.