Sensex hits 50,000 for the first time ever-- from 25,000 at the start of the pandemic, The BSE index has almost doubled in the last 10 months, but profit-booking in late trade erases today's gains.

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Vallabh Bhanshali, Chairman of Enam Securities, spoke to CNBC-TV18 to discuss the road ahead for the markets.

On Sensex at 50,000, Bhanshali said, “A lesson to learn always is or to remind ourselves it is never as bad as we think, it is never as good as we think. At the bottom of the markets around the pandemic and all the glooms day we could not foresee that how many other changes are taking place so it is a moment to be humbled and to be optimistic.”

“We should look forward to 75,000 from here maybe bit of up and down but that is where I see we going,” he added.

Talking about what aided growth in the economy in last 30 years, Bhanshali said, “I think two momentous things that happened way back 30 years was liberalisation and the advent of IT - IT software exports, those two big events could not be foreseen and they have lasted and they helped the country manage last 30 years. The single biggest contributor to India’s prosperity over last 30 years would be IT software.”

“Second thing that could not be foreseen in advanced but is happening is C+1 which is moving away from China. India may not be on top of it, but these two are very big trends that have helped this rally or helping India big time.”

“If India as a whole has to move forward, it is the organised sector that alone has the ability to make large investments,” he added.

Watch this video for more.

(Edited by : Bivekananda Biswas)

First Published:Jan 21, 2021 6:05 PM IST