India slips out of trillion-dollar stock market club

India slips out of trillion-dollar stock market club
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First Published: Tue, Jul 01 2008. 06 34 PM IST
Updated: Tue, Jul 01 2008. 06 34 PM IST
PTI
Mumbai: India today moved out of the coveted trillion-dollar stock market league as the cumulative worth of all the listed companies in the country fell to $966 billion amid a 500-point fall in the benchmark Sensex.
The total market capitalization of all listed Indian firms had first crossed the $1 trillion mark more than a year ago on 28 May, 2007 and had grown to near $1.9 trillion this January.
However, a sharp plunge since the Sensex peaked at its all-time high of 21,206.77 points on 10 January, coupled with a significant depreciation in the rupee versus the dollar, pulled back the total market capitalization to below $1 trillion.
Prior to today’s 500-point fall in the Sensex, the total market capitalization of the Indian stock market stood at about $1.01 trillion.
The rupee was trading at 40.5 levels versus the dollar on 28 May, 2007 when the Indian stock market capitalization first breached the trillion-dollar mark. However, it has fallen sharply since then to trade near 43.44 level today.
In rupee terms, the Indian stock market capitalization stood at over Rs 40,50,000 crore on 28 May, 2007, giving it a trillion-dollar value.
At the end of today’s trading, the total market cap of all the listed companies in the country stood at about Rs41,97,000 crore ($966 billion), down nearly Rs2,00,000 crore ($45 billion) from the yesterday’s level.
The cumulative market capitalization of the 30 Sensex blue-chips alone today fell by close to Rs80,000 crore to about $400 billion (Rs18,05,000 crore).
The Sensex today fell below the 13,000-point level, registering a fall of over 8,000 points from its all-time peak scaled less than six months ago.
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First Published: Tue, Jul 01 2008. 06 34 PM IST