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  • Home / Markets

Sensex tops 60,000-mark: Here’s what Motilal Oswal, Sanjiv Bhasin, others have to say

Sensex mounted the 60K-mark as risk appetite improved after fears surrounding Evergrande debt crisis eased.

  • Money9
  • Last Updated : September 24, 2021, 13:27 IST
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Will the ongoing momentum sustain? or what investors should do at present levels? Here's what top market watchers have to say.
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September 24, 2021 turned out to be a historical day for the domestic equity market as the benchmark BSE Sensex crossed the psychologically important 60,000-mark for the first time. Analysts believe that the rally on D-Street is driven by positive global cues, strong inflows by foreign and domestic institutional investors, good corporate earnings, falling Covid-19 cases, upbeat corporate commentaries and low cost of capital. The 30-share Sensex traded 206 points, or 0.35%, higher at 60,092 at around 12.05 pm (IST), while the 50-share NSE Nifty index was up 63 points, or 0.36%, at 17,886 at around the same time.

Will the ongoing momentum sustain? or what investors should do at present levels? Here’s what top market watchers have to say.

Motilal Oswal, MD & CEO, Motilal Oswal Financial Services

Amid the buoyant sentiment and increased activity, valuations have reached elevated levels and demand consistent delivery on earnings expectations. Given rich valuations, one cannot ignore intermittent volatility – however, we expect the positive momentum to continue on the back of improving economic activity and recovery in corporate earnings.

Sanjiv Bhasin, Director, IIFL Securities

Kudos to everyone who invested in markets. The level of 60,000 is not an easy number, yet one must not be swayed by the rally. The good news seems priced in so keep booking your profits if you are a trader. India seems to be in a sweet spot, the tax collections are high, the vaccination pace has improved and revenge spending is coming in a big way. Indian markets are an outperformer but I will be wary going forward as further highs cannot be achieved without a meaningful correction.

Rahul Sharma, director, head-technical and derivative research, JM Financial Services

Nifty is expected to reach 50% of its Fibonacci extension (18,111) of the second leg of the rally which began from April 2021. Market internals, breadth and thrust have been robust but expect some profit booking around the 18,100 mark. Buy the dip is the mantra for fresh entry as supports are expected at 17,650 and 17,300. Bank Nifty can post another breakout above 38,100 for a possible target of 40,000 in the October series. We remain positive on telecom, auto and private banks.

Brijesh Bhatia, senior research analyst, Equitymaster

The sentiment on D-Street is bullish. A dip of a couple of per cent would be a good opportunity for traders and investors to enter. We are witnessing broad-based buying from largecaps to midcaps, and smallcaps. The euphoria in the market is likely to continue. It may extend till January-February 2022. Though the volatility is likely to witness an uptick. I believe the stocks ranking higher in terms of outperformance will continue to shine. But traders and investors need to keep in mind the margin of safety in these stocks because their support levels are very deep.

Anand James, chief market strategist, Geojit Financial Services

Sensex mounted the 60K-mark as risk appetite improved after fears surrounding Evergrande debt crisis eased. BSE found almost 60% of the stocks advancing in the first hour. But we remain watchful of markets weighing in rate hike prospects as US treasury yields have begun to firm up, following Fed’s taper signals.

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

Published: September 24, 2021, 12:38 IST

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  • BSE Sensex
  • JM Financial
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