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Sensex hits 70,000 points: A timeline of events leading up to a momentous day in the financial market

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<p>A few days ago, the Indian stock market’s BSE Sensex made history by surpassing the 70,000 mark. This led to a very successful week for the majority of investors. It marginally declined after reaching a peak of 70,057 points on December 11 and closed on Monday at 69,988, up 0.15% from the previous closing on Friday.</p>
<p><img decoding=”async” class=”alignnone wp-image-303765″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-sensex-hits-70000-points-a-timeline-of-events-leading-up-to-a-momentous-day-in-the.jpg” alt=”theindiaprint.com sensex hits 70000 points a timeline of events leading up to a momentous day in the” width=”1005″ height=”565″ title=”Sensex hits 70,000 points: A timeline of events leading up to a momentous day in the financial market 15″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-sensex-hits-70000-points-a-timeline-of-events-leading-up-to-a-momentous-day-in-the.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-sensex-hits-70000-points-a-timeline-of-events-leading-up-to-a-momentous-day-in-the-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2023/12/theindiaprint.com-sensex-hits-70000-points-a-timeline-of-events-leading-up-to-a-momentous-day-in-the-150×84.jpg 150w” sizes=”(max-width: 1005px) 100vw, 1005px” /></p>
<p>Launched on January 2, 1986, the index comprises 30 companies that serve as a representative sample of the Indian stock market. It is seen as a crucial sign of India’s financial stability.</p>
<p>Although the Sensex is not a perfect predictor of the nation’s economic health, it does serve as a valuable gauge of industry development and investor mood. Notably, the announcement of the assembly election results in five states coincided with the Sensex’s all-time high.</p>
<p>Here, we examine the S&P BSE Sensex’s performance on a number of days that were significant in terms of politics, the economy, or finance.</p>
<p><strong>The Sensex’s 2023 boom</strong><br />
India’s markets have performed well in 2023 in spite of world divisions like the conflicts in West Asia and Ukraine. Over the course of the eight months from the end of March, when it was 57,5271 points, the Sensex has risen by over 12,400 points. The wider Nifty 50 likewise reached 20K for the first time in late November.</p>
<p><strong>The post-Covid surge in 2021–2022</strong><br />
The Sensex crossed the 50,000 threshold for the first time on January 21, 2021, when it opened at 50,096.57 points. On September 23, 2021, after eight months, it reached 60,000 points and closed at 60,048.47. The effect of the COVID-19 vaccine distribution is largely responsible for the index’s fastest-ever 10,000-point rise.</p>
<p><strong>2020: Lockdown on COVID-19</strong><br />
When the Center announced the protracted shutdown, the stock market took a significant hit, plunging 13 percent in a single day due to the COVID lockdown across India. It is regarded as the Sensex’s greatest intraday decline to date.</p>
<p><strong>2019: The restoration of Modi’s administration to power</strong><br />
Exit poll forecasts on May 23, 2019, three days before the Modi administration was scheduled to retake office, caused the Sensex to soar by 3.8 percent, reaching the 40,000 milestone for the first time in June.</p>
<p><strong>2016 saw the demonetization of</strong><br />
The day after Prime Minister Narendra Modi declared the high-value notes to be demonetized, on November 9, the intraday returns of the Sensex saw a decline of 1.23%. The value of the index drops by 6.6% during a bear run that occurs between November 11 and November 21.</p>
<p><strong>2014: Prime Minister Narendra Modi takes office.</strong><br />
The pro-business image of Narendra Modi, who became prime minister at the end of May after the NDA won the Lok Sabha elections in 2014, lifted the markets by 8%.</p>
<p><strong>2009: Sensex had its greatest day ever after the Congress triumph.</strong><br />
2009 saw the UPA, headed by Congress, win a second term. On May 18, 2009, markets had a 17.34% rally, which is still the greatest day ever for the Sensex.</p>
<p><strong>The Great Recession of 2008</strong><br />
One of the darkest days for the world financial markets occurred when the Great Recession struck many nations in 2008, and Indian markets collapsed along with the global bourses. The plunge of more than 37% immobilized the Indian financial markets.</p>
<p><strong>Sensex reached 10,000 points in 2006.</strong><br />
On January 2, 2006, the S&P BSE Sensex crossed 10,000 points, although it eventually gave up gains and ended the day at 9980.42. It took just over 244 months for it to reach 10,000 points from the day of its conception, but it eventually closed over 10,000 in February.</p>
<p><strong>Scam of Harshad Mehta in 1992</strong><br />
The country watched as the Harshad Mehta scandal came to light, and between December 1992 and July 1993, the Sensex dropped by more than 34%. It should come as no surprise that the 1992–1993 fiscal, which ended with a 46.7 percent decline, is the worst in Indian market history.</p>


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