Motiwal Oswal Financial Services Chairman Raamdeo Agrawal said that the Sensex is likely to touch 1,60,000 points by 2029 as he sought a minister for capital markets. Talking to CNBC-TV18, he said, “Sensex has doubled every 5 years, target 1,60,000 for Sensex by 2029. Market can double in the next 5 years with a 15% CAGR, this is the happiest moment of my life.”

Stock market today: A bird flies past a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(Reuters)

This comes as Sensex hit the 80,000-mark reaching a 52-week high of 80,392.64 in intra-day trade. Sensex crossed 70,000 mark in December 2023 and the gain of 10,000 points has been in a very short period of time owing to monsoons, softening of US bond yields and positive FPI flows in June.

On the liquidity rush, Raamdeo Agrawal said, “it is not a worry in the market, it is a happy situation. Over half a billion people should invest in the capital market, this leads to inclusive growth of the market. Ultimate form of distribution of risk.”

He also said that the government should have one state cabinet minister for capital markets with an office in Mumbai. In four years, “we (the Indian capital markets) might become a 10 trillion market,” he said, adding, “Capital markets should be made attractive to the masses. Masses should not go back to real estate or gold investments. The current market boom is bigger than the 1992 boom, only difference is SEBI was not there in 1992.”