Market capitalization of Bombay Stock Exchange (BSE)-listed companies touched a new high of Rs211 trillion on Friday, tracking gains in the equity market.
In the last three days, the market capitalization of BSE-listed firms have jumped by Rs4.39 trillion to Rs211 trillion.
The benchmark index, Sensex, closed at 49,206.47 points, up 256.71 points, or 0.52%. The broader Nifty50, closed at 14,859.05, up 134.25 points, or 0.91%.
Sensex and Nifty had hit their lifetime high of 52,516.76 and 15,431.75 on 16 February 2021.
BSE Smallcap closed at an all-time closing high of 22,360.13 and the S&P BSE Midcap index is 2.26% away from its respective record high hit during March 2021.
In absolute terms, Reliance Industries Limited is the country’s most valuable firm with a market valuation of Rs12,24,336.42 crore, followed by Tata Consultancy Services with Rs11,58,542.89 crore.
V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, said, “BSE market cap touched an all time high amid the serious health crisis that the nation is going through. The economy also is getting impacted by the lockdowns, curfews and restrictions on mobility. But the market, which is forward looking, is driven by the hope that the second wave will peak around mid-May and the economy will soon bounce back.”
“The Q4 earnings indicate a sharp turnaround in profitability and this trend is likely to sustain if the covid second wave peaks and then comes down, like what happened in UK, for instance. The strength is global markets also is aiding Indian markets,” he added.
In 2020, the Sensex gained 15.75% where the benchmark index witnessed both ruthless selling and massive buying.
Equity investors grew richer by Rs32.49 trillion in 2020 helped by massive returns in the equity market which had a roller-coaster ride during the year hit by the coronavirus pandemic.
From the beginning of the calendar year, Sensex has gained 3.05% and investor wealth has grown by Rs23.20 trillion.
Market breadth was positive, with 1,698 stocks ending higher against 1,312 ending lower on BSE. 169 stocks were unchanged. Number of shares rising to their 52-week highs stood at 274 against 38 touching their 52-week lows. Tracking the negative sentiment in the market, 349 stocks hit their upper circuits, against 186 falling to their lower circuits, respectively.
Foreign institutional investors have made net purchases for $5.31 billion in equity and were net sellers for $2.30 billion in debt since the beginning calendar year, while domestic institutional investors were net sellers for Rs11,368.46 crore worth of stocks, according to data on the exchanges.
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