Mumbai, Dec 7, 2024
The Indian stock market, seen as the best performer in the emerging markets (EMs), crossed the 85,000 mark for the first time in September this year.
Now, multinational investment bank and financial services company Morgan Stanley has forecast that the BSE Sensex may cross the historic 1 lakh level in this bullish scenario by the end of next year.
The global brokerage firm predicted the Sensex may reach the level of 1,05,000 with the support of strong income growth and domestic capital inflows, macroeconomic stability.
When the Sensex crossed the 85,000 mark, economists in the country had also made similar predictions.
On September 24 this year, the Sensex reached 85,044 (record high) for the first time. On the same day, Nifty rose 30 points to 25,969. This index of 50 shares also reached a record level of 25,975.
“The 1 lakh mark will be reached shortly whether this year or early next year. It would be too steep a climb but India is certainly in the midst of a bull run in the stock market,” Dr Manoranjan Sharma, Chief Economist at Infomerics Ratings had told IANS.
On the other hand, foreign institutional investors (FIIs) are changing their strategy and adopting a buyer’s stance. Market watchers said on Saturday that the Indian economy remains strong despite the geopolitical conditions, which has ended the continuous selling phase of FIIs.
According to Siddhartha Khemka of Motilal Oswal Financial Services Ltd, FIIs have started December on a positive note, providing a significant boost to market sentiment.
Due to the ongoing boom in the Indian stock market, the market cap of the Bombay Stock Exchange (BSE) has also increased tremendously. The market cap of BSE has once again crossed Rs 450 lakh crore.
In the last three trading sessions, both Sensex and Nifty have given a return of more than 4 per cent. During this period, the market cap of BSE has increased by more than Rs 10 lakh crore.
Currently, the market cap of all the companies listed on BSE is more than Rs 454 lakh crore.(Agency)
