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Sensex Hits 50,000 Points For The Very First Time Ever
Indian indices hit a new record high for yet another day with Sensex hitting 50,000 points mark for the first time and Nifty at a record 14,706 points.
On the Nifty, 45 stocks were seen in the green and there was seen traction in the broader markets which outperformed the headline indices with gains of over 0.72 percent on Nifty Midcap 100.
The Sensex made its debut in the year 1986 with the base year of 1978-79 and value of 100. And companies part of it then include Hindalco Industries Ltd., ITC Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., Tata Steel Ltd., Nestle India Ltd. that are still part of the index, while others such as ACC Ltd., Crompton Greaves Consumer Electricals Ltd., Glaxosmithkline Pharmaceuticals Ltd., Grasim are no longer its constituent.
And now its a new milestone with Sensex hitting 50000 and in the interim we saw events such as global financial crisis in 2008-2009, Harshad Mehta scam and bull run in mid 2000s and 2014.
Shares of Reliance Industries are set to make a comeback after being stagnant for sometime soon after its stake sale in digital and retail arm. And now in the latest development, as its deal with Future Retail has been given a go-ahead by SEBI, there is expected further steam in the scrip today. In August, Kishore Biyani led-Future Group had entered into a Rs 24,713 crore agreement with Mukesh Ambani's Reliance Retail. On the previous day, the scrip of RIL ended 1.9% higher at Rs. 2054.
Also, there have been other deals approved by the CCI such as that of Flipkart with Aditya Birla Fashion and Axis-Max Life deal and hence their individual scrip shall also be watched out for.
Meanwhile, another IPO will open for public subscription by Home First Finance of Rs. 346 crore. Know whether you need to subscribe to the issue?
As per the NSE data, on the previous day, FIIs remained net buyers in Indian equities worth Rs. 2289 crore.
Oil has fallen owing to sudden rise in US crude stock. US West Texas Intermediate (WTI) crude futures fell 27 cents, or 0.5%, to $53.04 a barrel.
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