- Nifty hit 10,000 mark for the first time today
- Nifty took 21 years to move from 1,000 to 10,000
- Nifty has doubled investor's wealth in every 6 years
Many analysts say that 10,000 is just a mark and Nifty is poised for much higher levels in the long term. "Who said 10,000 is a limit? It is just the hype created around 5-digit magical round figure number. We have seen 5,000, 6,000, 7,000, 8,000, 9,000 10,000 and we will see even higher from that," says Gaurang Shah of Geojit BNP Paribas.
However, some analysts don't rule out a correction in the short to medium term. Sanjiv Bhasin, executive vice president at IIFL, says: "Globally markets are on a overbought zone. Nifty@10,000 may not sustain. We think correction is overdue in the market and it might come once we hit that level."
Nifty's Journey From 1,000 To 10,000:
Nifty@1,000 - 1996
The Nifty index was launched in 1996 with the base value of the index set at 1,000.
Nifty@2,000 - 2004
Investors' money in Nifty doubled in nearly eight years as the index touched 2,000 mark for the first time in 2004, the year in which Nifty delivered a return of nearly 10 per cent.
Nifty touched the 3,000 level for the first time in January 2006.
Nifty@4,000 - 2006
2006 is considered as one of the best years in the history of Indian stock markets. Nifty delivered nearly 40 per cent return that year and crossed landmarks like 3,000 and 4,000 amid a global market rally and improvement in corporate earnings growth.
Nifty crossed 5,000 mark for the first time in 2007 amid aggressive buying by foreign and domestic funds. A rally in the global markets also supported this move.
Nifty@6,000 - 2007
Nifty crossed the 6,000 mark as well in 2007 for the first time. In 2007, Nifty rallied nearly 55 per cent and hit multiple landmarks like 5,000 and 6,000.
Nifty@7,000 - 2014
Indian markets regained momentum in September 2013, after Narendra Modi was chosen as prime ministerial candidate of the Bharatiya Janata Party (BJP). The market rally continued after the BJP won a strong mandate in 2014 elections. After three years of subdued performance, Nifty touched the 7,000 mark for the first time in May 2014.
Nifty also crossed the 8,000 mark in September 2014 as market participants bet that Prime Minister Narendra Modi will push through more economic reforms.
Nifty@9,000 - 2015
The rally in Indian markets, which started in September 2013, extended to the first half of 2015 as well. Nifty crossed the 9,000 mark for the first time in March 2015 on continued buying by foreign investors.
Nifty@10,000 - 2017
A smooth initial rollout of GST, good monsoon and hopes of a rate cut by the Reserve Bank of India (RBI) as well as earnings recovery propelled Nifty to the 10,000 mark today.