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Business EYE OCTOBER 15, 2021 | The Indian Eye 44

new milestone: bull run in festive season

takes sensex to 61,000 mark

The astounding rally comes at a time when the economy is showing recovery signs

from the ravaging effects of the Covid-19 pandemic

our Bureau stage and rising bond yields tem-
pered,” said Kotak Securities
Mumbai head (equity research - retail)

he Sensex rose for the Shrikant Chouhan.
sixth straight session and The astounding rally comes
Tcrossed the 61,000-point at a time when the economy is
mark for the first time on Thurs- showing recovery signs from the
day, surging 569 points (nearly ravaging effects of the Covid-19
1%) to close at 61,306. The Sen- pandemic. Interestingly, Sensex
sex has recorded a new high ev- scaled the last two milestones
ery day of the holiday-shortened --50,000 and 60,000-- in the cur-
week, gaining over 1,200 points in rent year itself. It crossed 50,000
four sessions. The broader Nifty, for the first time on January 21,
which crossed the 18k milestone 2021, and the 60,000-mark on
on Monday, also hit a new clos- September 24, 2021.
ing high at 18,339, gaining 177 Sensex took 20 days to reach
points (1%) on Thursday. the 61,000 mark from the his-
Equity benchmark Sensex An investor celebrates outside the BSE office in Mumbai on Friday (ANI) toric 60,000 level. The 30-share
rallied over 350 points in opening index took nearly two months or
trade on Thursday to cross the points to the Sensex’s 569-point according to NSDL data. “The 62 days to move from the 55,000
61,000-mark for the first time, sprint on Thursday. Foreign in- market continued its bull run as mark to the 61,000 mark. On the
driven by gains in index heavy- vestors were net buyers with Rs worries about the likely inter- other hand, the index zoomed
weights Infosys, HDFC Bank 1,596 crore inflows on Thursday, est rate hike in the US at a later from 57,000 mark to 58,000 mark
and Reliance Industries amid a in just three days.
positive trend in global markets. In its journey, crossing the
IT stocks joined the rally, ZEE QuEstions ril rolE in taKEovEr bid 10K mark took the most time
which was led by auto, ener- (5,942 sessions) followed by 30K
gy, metals and financial sectors ee Entertainment MD & CEO Punit Goenka on Thurs- (1,820 sessions), 40K (1,042 ses-
this week, bolstered by better day said he will continue to take required steps to safe- sions) and 50K (415 sessions).
than-expected Q2 results for Wi- Zguard the company and its future under the guidance The quickest was 50K-60K which
of its board, amid the escalating fight with the media major’s
pro and Infosys. Depreciation of largest shareholder Invesco, which has called for his removal was achieved in just 160 sessions.
the rupee, which fell below 75 from office. Breaking his silence after almost a month since “Indian equity benchmark
against the dollar this week, too the boardroom war began, Goenka questioned the intention SENSEX is trading comfortably
supported the rally in IT stocks, over 61,000 and making new
according to market players. A of Invesco for not making public a proposed deal with Reli- highs daily. The rally in the In-
combination of macroeconomic ance Industries Limited (RIL) earlier. dian market is special as it was
“Why didn’t Invesco make its plans public earlier?... Does
factors, global cues and strong good corporate governance only apply to corporates and not achieved despite a contraction in
earnings has supported the bull- their institutional investors?” Goenka said. global economies, energy crisis,
ish momentum on Dalal Street, Invesco, along with OFI Global China Fund LLC, holds worldwide supply chain disrup-
market analysts said. Investors tion, inflation threats and muted
are also expecting strong sales nearly 18% in Zee and has been pressing for an extraordinary FII participation,” said Sandeep
for carmakers in the festive sea- general meeting (EGM) to discuss various issues, including Matta, Founder, TRADEIT In-
son, which has led to the auto the removal of Goenka and appointment of its nominees on vestment Advisor.
the company’s board.
sector being the top gainer, ris- According to Goenka, the fight with Invesco is to ensure “We are in the initial phase
ing nearly 7%, this week. Zee continues to gain growth opportunities and become a of the exuberant bull run which
Of the 30 Sensex stocks, 22 is well supported by earning im-
closed in the green on Thurs- stronger player in the media and entertainment sector. Go- provements, record tax collec-
day, with ITC, HDFC Bank and enka said that he would not let anyone impact the future of tions, and participation of new
PowerGrid being the top gain- Zee or diminish the shareholder value it has been consistently investors will surely help Sensex
ers. The HDFC twins and ICI- generating over the years. “All I am contending for is to pre- make new highs in upcoming
serve the future of this company, and not my position,” he said.
CI Bank alone contributed 364 months,” he noted.

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