Sensex hit 50,000-mark at pre-open on global cues on Thursday. At 09:02 IST, the Sensex was up 211.40 points or 0.42% at 50,003.52, and the Nifty was up 146 points or 1.00% at 14,790.70. The markets are said to be reacting to the strong cues coming from global markets with Joe Biden being sworn in as the President of the United States. Among Sensex stocks, Maruti rose the most by 2.75 per cent, followed by Tech Mahindra (2.67 per cent), Mahindra & Mahindra (1.98 per cent) and Asian Paints (1.98 per cent). Heavyweights Reliance Industries, Infosys, HDFC and TCS accounted for the lion's share of the gains.
The domestic indices rose on optimism over the new US President Joe Biden's administration will mean more support for the struggling US economy, setting off a recovery that's crucial for the export-driven Asian region. Market players here said that with the US markets creating fresh records, sensex and Nifty too could witness smart gains. All three major indices (Dow Jones, Nasdaq, S&P 500) ended at all-time highs after Biden was inaugurated as the 46th president of the United States in a peaceful ceremony.
Analysts said that strong corporate earnings by Tata Consultancy Services (TCS), Infosys, Wipro, HCL Technologies and HDFC Bank are also fuelling the bullishness on Dalal Street. Investor sentiments remained positive amid hopes of bold economic reforms in the upcoming Union Budget 2021-22. Finance minister Nirmala Sitharaman will present this year's Budget on February 1.
Sensex started its journey on April 3, 1979. It was established in 1986 with the base year as 1979. At that time, value of index stood at 124.15. It took 5,942 sessions to reachs 10K mark. It crossed the 10K mark in 2006 for the first time. On May 3, 2019, Sensex touched 40K for the first time. Today in the early trade, Sensex crossed the psychological mark 50K for the first time ever in just 415 sessions, making it the fastes rally by the index to cover 10K points.