The Sensex breached 50,000 for the first time ever, riding on the momentum of the last few months and the hope that Covid-19 vaccination and stimulus measures will help the economy rebound quicker than expected.
After tumbling to a low of 25,638 on March 24, the 30-stock gauge has nearly doubled. Of 207 sessions in more than 10 months, the index fell in 73.
The Sensex was launched on Jan. 2, 1986, with the base year of 1978-79 and a base value of 100. The first print had companies like Hindalco Industries Ltd., ITC Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., Tata Steel Ltd., Nestle India Ltd. that are still part of the index. Others such as ACC Ltd., Crompton Greaves Consumer Electricals Ltd., Glaxosmithkline Pharmaceuticals Ltd., Grasim Industries Ltd., and Bombay Dyeing and Manufacturing Co. are no longer in the benchmark.
The gauge witnessed periods of extreme volatility, including the Harshad Mehta scam in 1992 to the dotcom bubble at the turn of the millennium and the global financial crisis of 2008-09. The new millennium also brought unprecedented bull runs in the mid-2000s and in 2014.
Doubling In Five Years
The index hit 25,000 for the first time in June 2014 after the Bharatiya Janata Party secured a majority in the general election. It had closed at 25,019 on June 5, 2014.
Since then, the top 10 gainers on the index by percentage have been two consumer goods makers, one oil & gas conglomerate, two IT companies, two private banks and a non-bank lender, a drugmaker and an automaker each.
