‘A Case of History Repeating Itself’: Experts on Sensex Hitting 60,000 & Outlook

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‘A Case of History Repeating Itself’: Experts on Sensex Hitting 60,000 & Outlook
Credit: © Reuters.

By Malvika Gurung

Investing.com -- Indian equities are trading higher on Wednesday, opening the session in green and continuing to maintain the momentum. The benchmark equity index Sensex surpassed the key 60,000 mark earlier in the session for the first time since April 5 and was trading at 60,241.13 at the time of writing.

Further, thanks to an ease in commodity prices and the upcoming festive season, the sectoral index Nifty FMCG hit a new lifetime high at a 43,326.65 level on Wednesday.

At 2:35 pm, headline indices Nifty50 were up 0.6% and the 30-scrip Sensex gained 370.2 points or 0.62%.

In a note sent to Investing.com, Rahul Shah, Co-Head of Research at Equitymaster said, “I think it is a case of history repeating itself. Whenever Sensex has not entered a bear market, the reversal has been quite quick historically and the same has happened this time also. The icing on the cake is that, unlike last time, the valuations are much more reasonable this time around.”

He added that even though the broader market is by no means cheap, it isn't prohibitively expensive either. Therefore, those looking for fundamentally strong stocks at attractive valuations could still find pockets of undervaluation.

Abhishek Dev, Co-Founder and CEO of Epsilon Money has stated, “Sensex has crossed 60,000 but it is not the first time. As the economy and as businesses prosper and grow, we will see new highs being achieved and new thresholds being crossed.”

Equities are slaves of earnings and as long as corporate earnings continue to grow, market levels will reflect that in the medium to long term. “So if you are confident of India's story and believe in the growth potential of our country, take these 60ks and 70ks and hopefully a 100k in due course in stride as and when they come," Dev added.

Read Also: Street Update: Sensex Surpasses 60,000, ‘Global Support to Market Rally’ & More

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