Mcap of BSE-listed companies hits all-time high of above ₹296 lakh crore
- With the sharp gains on Friday, the market capitalisation of all BSE-listed companies hit an all time high of above ₹296 lakh crore.
The bulls seem to be in full control of Dalal Street on Friday as the domestic equities witnessed a fresh bout of strong rally fuelled by buying across-the-board amid improved investors’ sentiment.
The benchmark equity indices jumped over a percent to hit their all-time highs for the second consecutive session. The BSE’s Sensex scaled its record high of 64,664.32 while the Nifty hit its fresh peak of 19,175.30 in intraday trade. Gains in broader markets also supported the rally.
With the sharp gains on Friday, the market capitalisation of all BSE-listed companies hit an all time high of above ₹296 lakh crore. Earlier, on June 21, the m-cap of BSE-listed firms had hit an all-time high of ₹294.36 lakh crore.
“The momentum in the market has picked up again and the undercurrent has the potential to take the benchmark indices to new highs. The global support to the bullishness is coming from the mother market US where the market is resilient supported by better-than-expected Q1 GDP growth of 2% and declining weekly jobless claims. This resilience of the US economy, which was not anticipated and discounted by the market, is the strongest pillar of support for the global markets now,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He expects in July the market trend will be influenced by auto sales numbers in June, Q1 results, progress of the monsoon and the Fed rate decision and commentary by month end.
However, he said advises investors to exercise some caution as market valuations are rich.
The BSE Smallcap and Midcap indices gained over half a percent each. All the sectoral indices were also trading in the green led by banks, IT, auto and pharma counters.
From the Sensex, Mahindra & Mahindra, Maruti Suzuki India, IndusInd Bank, Infosys, Sun Pharmaceuticals Industries, Tata Consultancy Services, Tech Mahindra, Wipro and Larsen & Toubro were among the top gainers.
Market gains were largely led by robust FII inflows into domestic equities, improving domestic macroeconomic conditions and better corporate earnings.
The foreign portfolio investors (FPI) have invested over $10 billion in the Indian market since April this year, as per data from NSDL.
On Wednesday, the Foreign Institutional Investors (FIIs) net bought Indian shares worth ₹12,350 crore, while Domestic Institutional Investors (DIIs) net sold Indian equities worth ₹1,021.01 crore, as per provisional data on the exchanges.
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