Sensex jumps 5,000 points in just 28 sessions; here’s list of top gainers

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Benchmark equity index BSE Sensex made history on September 24 when it scaled the 60,000-mark for the first time. It took just 28 sessions for the index to gallop from 55,000-mark hit on August 13, 2021 to 60,000 on September 24. With a rally of 74%, Zee Entertainment Enterprises emerged as the top gainer in the BSE 500 index. Shares of the company have gained to Rs 318.30 on September 23, 2021 from Rs 183.25 on August 13. It was followed by Vodafone Idea (up 67%), Adani Transmission (up 60%), Mindtree (up 55%) and Dish TV (up 55%).

Of late, shares of Zee Entertainment hogged the limelight after it informed bourses that the company will merge with Sony Pictures Network India (SPNI). Sony, which will invest $1.575 billion, will hold 52.93% stake in the merged entity and Zee the remaining 47.07, Zee Entertainment Enterprises (ZEEL) said in a statement.

Abhishek Chinchalkar, CMT charter holder and head of education, FYERS said, “It has been a historic week for the Indian markets, with Sensex moving past the 60,000 level for the first time ever and Nifty coming a whisker away from touching the 18,000 level. The surge in the Indian markets this week has come on the back of reviving global risk appetite amid slight ease in default-related worries over China’s property giant Evergrande Group. For the near term, new highs in Nifty cannot be ruled out as the bullish momentum remains very firm. However, we suggest keeping positions light at these levels and trading with tight stop losses.”

Triggers

In recent days, Zee has seen its top investor seek a management reshuffle, including the exit of chief executive Punit Goenka. On the other hand, Vodafone Idea rallied after the Union Cabinet on September 15 approved a big-bang relief package for the stressed telecom sector that includes a four-year break for companies from paying statutory dues, permission to share scarce airwaves, change in the definition of revenue on which levies are paid and 100% foreign investment through the automatic route.

The measures, aimed at providing relief to beleaguered telcos, that have to pay thousands of crores in unprovisioned past statutory dues, also include the scrapping of Spectrum Usage Charge (SUC) for airwaves acquired in future spectrum auctions.

Among the other top gainers, Linde India, Adani Total Gas, Indian Energy Exchange, JSW Energy and Bajaj Electricals also gained between 45%-54% during the same period.

Market watchers believe that a couple of factors including liquidity measures taken by the central banks, robust inflows by foreign institutional investors and recovery in economic growth have aided the Indian market since the lows of March 2020. Fall in Covid-19 cases and robust quarterly numbers further fuelled the rally.

Till late 1980s, there was no index for India’s stock markets. BSE India introduced the Sensex in 1986 & it was 549 pts on 1 Apr ’86.

Today it is 60,000. Remarkable journey!

image @BSEIndia pic.twitter.com/nwq4AFIKuP

— India ETFs & Index Funds (@IndiaEtfs) September 24, 2021