Sensex gains 3,000 points since Modi 3.0 took oath, at 80,000 in 85 days

Jul 03, 2024 11:36 AM IST

The BSE Sensex touched a record high of 80,000 in today’s opening session, rising from 75,000 in less than three months. This comes amid strong investor confidence and economic optimism as the rally gained significant momentum following the Modi 3.0 oath ceremony. Prime Minister Narendra Modi took his oath for the new term on June 9, and Sensex hit the 77,000 mark the very next day.

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Sensex’s upward trajectory began on April 9 when the benchmark index first touched the 75,000 milestone. It then climbed steadily reaching 76,000 points on May 27. On June 10, less than a month after reaching 76,000, the Sensex hit another high, crossing the 77,000 mark. In just 15 days on June 25, the index breached the 78,000 mark and surged to 79,000 points in two days.

What experts have said on the stock market?

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Ajay Bagga, Banking and Market Expert, said, “The BSE Sensex has taken 7 months, since Dec 2023 to put on its latest 10,000 points to break through to an 80,000 lifetime high level. This lifetime high will attract more funds to the markets. The valuations are not cheap and India remains one of the two most expensive markets in the world. However, the fundamentally sound macros, the demographic advantages and sound policy regime with focus on growth and import substitution makes todays expensive market tomorrows sound investment and the day after bargain.”

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Nilesh Shah, MD, Kotak Mutual Fund cautioned the investors that they should remain vigilant and consider potential risks, saying, “Sensex milestones are a Journey and not a destination. Do remember that this journey is both forward as well as backward. Nasdaq (US index) went so backward that it took 17 years to come back to the previous peak. Invest in the market as per your risk appetite, have long-term horizon, significantly moderate your return expectations, and follow the dharma of asset allocation.”