BSE sensex on the rise, crosses 60,000

BSE Limited, also known as the Bombay Stock Exchange (BSE), is an Indian stock exchange located on Dalal Street in Mumbai (Bombay). Established in 1875,[5] it is the oldest stock exchange in Asia,[6] and also the tenth oldest in the world.[7] 

The BSE is the 9th largest stock exchange with an overall market capitalization of more than ₹255.003 trillion, as of October 2021.

Markets are bullish

BSE has seen a significant rise in last week or so. Stocks that rallied over 10% included, Comfort Commo(12.63%), Alkali Metals(12.22%), Vindhya Telelink(12.19%), Kamdhenu (10.5%), MRP Agro Ltd.(10.34%), Siyaram Silk(10.26%) and Upasana Finance(10.0%).

Equity benchmark Sensex also rose 77 points to end at a record closing high of 60,138 on Monday, tracking gains in index heavyweights HDFC Bank, ICICI Bank and ITC. After scaling a new intraday high of 60,476.13 during the session, the 30-share Sensex closed 76.72 points or 0.13 per cent higher at 60,135.78.

Quite a few stocks rose in excess of 10% on BSE as domestic equity indices, BSE Sensex traded in the green on Monday (November 1) amid buying in frontline bluechip counters.

Current state of the Markets

Here’s how the current state of the market looks like –

Word of caution

However, with great trends comes the word of caution as experts see a possibility of a short-term correction given the market exuberance has pushed valuations to very high levels.

Santosh Meena, Head of Research, Swastika Investmart Ltd said –

We are in a classical bull market like the 2003-2007 phase where this bull run is likely to continue for the next 2-3 years however I will put the word of caution after a parabolic move in last few days because short term correction can’t be ruled out in coming days

What’s your opinion?

What do you think will happen? Will the BSE index cross Rs. 65,000 by end of 2021? Or will it go down?

Tell us your opinion on Wimo!