The NSE Nifty50 rose 0.76% to 12,727 at 10.26 am, after climbing 1,112 points over the last eight trading sessions
The BSE Sensex rose 0.74% to 43,598.71 at 10.26 am. Markets surged following global cues fuelled by optimism over the 90% trial success of the Pfizer-BioNTech Covid vaccine candidate.
MUMBAI: The NSE Nifty50 share index on Wednesday achieved a landmark by crossing ₹100 trillion in market cap after soaring for eight consecutive sessions.
At 10.25 am, the benchmark BSE Sensex rose 0.74% to 43,598.71 while Nifty gained 0.76% to 12,727. Over the last eight sessions, the Sensex has gained 10.3% or 4,074 points while the Nifty climbed 9.55% or 1,112 points.
The 30-share Sensex index mcap is at ₹83 trillion. The total market cap of BSE-listed companies stood at ₹168 trillion while the total market cap of all NSE-listed companies was at ₹164.21 crore.
The domestic markets gained following a surge in global markets on renewed optimism after US-based drugmaker Pfizer said its Covid-19 vaccine candidate, developed with German partner BioNTech SE, was more than 90% effective in preventing the virus.
"The abundant FII flows and much better than expected 2Q earnings are also providing support to the market. Signs of improvement on the macro front have also boosted investor sentiment. Investors this week will also track IIP and inflation data along with the Bihar election outcome," said Motilal Oswal in a note to its investors.
Gains in the domestic market were also supported by better-than-expected macro economics and earnings data and recent surge in auto sales data.
Investors also hope that the vaccine would help the economy recover at a much faster pace.
"The stimulus plan along with the Fed keeping interest rates low will mean that we could see increased foreign investor inflows into India as these investors look for yield outside of the US," said Viram Shah, chief executive and co-founder, Vested Finance.