BSE Sensex crosses 67K mark as PSU stocks rally

New Delhi: BSE Sensex crossed the 67,000 points mark on Monday on enthusiasm over the G20 Summit.

Sensex was up 417 points at 67,016 points.

Powergrid led the Sensex gains up by more than 2 per cent.bus

PSU companies were the big gainers on Monday. ITI was up 20 per cent, IRCON was up more than 19 per cent, SJVN up 19 per cent, RVNL up 15 per cent.

Sonam Srivastava, smallcase manager & Founder of Wright Research said the Nifty's potential rise to 20K marks an encouraging phase in market dynamics, fueled by robust corporate earnings, encouraging global cues, and substantial foreign institutional investors' inflows.

This climb is largely triggered by the resurgence in IT and banking sectors and significant contributions from major players like Reliance Industries. The next achievable milestone could be around 20,500, provided the bullish momentum persists, Srivastava said.

The durability of this rally is contingent upon global and domestic economic recovery, corporate performance consistency, and monetary policy steadiness. Historically, Nifty's landmarks -- 1K, 5K, 10K, and 15K, were achieved due to economic liberalization, global liquidity, structural reforms, and digitization due to the pandemic. The current scenario mirrors these favourable conditions with buoyant markets, positive macroeconomic and global outlooks, coupled with potential for volatility and short-term price corrections, Srivastava added.