The Indian Stock Market continues to scale new heights, reaching an all-time high with each passing day. The Bombay Stock Exchange's benchmark Sensex has crossed the coveted mark of 75,000 points. On a Tuesday, coinciding with the onset of Chaitra Navratri 2024, the stock market started on a strong note amidst favorable global cues. The Sensex opened at 75,124.28, breaching 75,000 points for the first time at 9.15 am, surpassing its previous close of 74,742.50. Tracing back 20 years from today, the Sensex hovered around 5,000 points in 2004, marking an exponential rise to its current stature despite facing the 2008 economic crisis and the dreadful spread of Corona in 2020-21. During these challenges, the Sensex established multiple milestones and has now reached newer pinnacles.
Making history right at the market's opening
The first matter at hand is today's stock market performance. On the auspicious first day of Chaitra Navratri 2024, the market opened with a buoyant leap, propelled by strong global indicators. The BSE Sensex soared past the 75,000 point mark at 9.15 am, setting a new all-time high of 75,124.28 and thus scripting history on its opening level.
Source: aajtak
2006: The year Sensex joined the 10,000-point club
Reflecting on the history of Sensex, it orbited around 5,000 points in 2004. However, by February 2006, it had ascended to the 10,000-point mark and by the end of 2007, it had doubled to 20,000. Afterward, the rise of the Sensex slowed, and it took about seven years to stretch from 20,000 to 30,000 points. Around this period, with the introduction of Narendra Modi's government to power, the Sensex was trading around 25,000 points.
Accelerated pace post-2014
In 2014, the Sensex, trading within the 25,000-point margin, began to climb further and on April 26, 2017, it breached the 30,000-point threshold. Shortly thereafter, in the beginning of June 2019, the Sensex surged past 40,000 with an addition of 10,000 points. Then in February 2021, the Sensex touched the 50,000-point mark for the first time. Subsequently, on September 24, 2021, just 158 trading days later, it crossed the 60,000-point level for the first time.
The leap from 60,000 to 70,000 points took the Sensex 548 trading days, and now on April 09, 2024, the stock market has reached a new landmark as the Sensex surged past the 75,000-point level. Experts are optimistic that it will soon hit the 80,000-point milestone.
From economic recession to COVID-19: Weathering major crises
The calendar year 2004 is remembered as a year of high volatility for the Indian indices. While the Sensex began the year in the 6,000-point domain, it tumbled below 5,000 by May and was trading around 4,300 points by mid-May 2004. During the Congress government's tenure, 2008 was marked by economic recession, and the stock market endured a rough phase. Starting at 20,325 points on January 1, 2007, the Sensex had plummeted to 9,647 points by the end of December 31, 2008, shedding over 10,678 points in that year.
Highlighting the period under Modi's government, the Sensex kept setting new records. However, in 2020, with the onset of the COVID-19 pandemic, it once again faced a similar downturn as in previous economic recessions. That year, there were about 14 instances when the Sensex fell by more than 1,000 points, paralleling March 2020 when it plummeted back near 25,000 points.
Significant Sensex downturns during the Corona era
Nonetheless, be it the economic recession of 2008 or the pandemic's onset in 2020-21, the Sensex continued its roller-coaster journey, surmounting the challenges to emerge stronger post-Corona, gaining global recognition for its resilience.
Nifty scales new heights alongside Sensex
Mirroring the Sensex, the National Stock Exchange's Nifty-50 is continuously setting new high records. On the same Tuesday that the Sensex surpassed the 75,000-point level, Nifty swiftly raced past the 22,700 mark to set a new all-time high at 22,765.10.
