Indian Market index BSE SENSEX crossed the 60,000 mark for the first time ever on Friday, making the jump from 50,000 in just 8 months, a record pace.
The 30 share BSE SENSEX equity benchmark index climbed 10,000 points – from 50,000 points to 60,000 -- between January and September, making it the shortest time for such gains.
Bombay Stock Exchange (BSE) SENSEX Chief Executive Officer (CEO) Ashish Kumar Chauhan has said that India's Sensex story is here to stay. 60,000 is not the end, it's just the beginning of the Sensex story.
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"In May 2019, I had said that we should be able to reach 60,000 in the next five years. But, it happened in just two-and-a-half years instead of five, Chauhan said in an interview with NDTV.
When asked if India’s stock market is a bubble, Chauhan said that the Indian market has been continuously described as a bubble for the past 42 years but it’s very much real. He further said that for the last 8-10 years, stock market investments are profitable and safe.
"New age brokers have started opening accounts very aggressively. We are getting more than one lakh investors coming into the Indian stock market for the last several months, especially during COVID and that's telling you the kind of pressure coming through the hinterland,” he said while talking about new investors.
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However, Chauhan also advised investors to stay cautious, even more so when the markets go further up. Stating a piece of advice on investment, he said “Invest on your caution rather than your hope.”
Sensex was at 1,000 points in 1990 and took nearly 25 years before it touched the 30k-level in 2015. The index has climbed from the 30k-mark to 60,000 in a little over six years.
