BSE-Listed Firms Hit Fresh Record High, Market Cap At Rs 437.24 Lakh Crore
In contrast, Maruti, Tata Steel, UltraTech Cement, Tata Motors, ITC and Tata Consultancy Services were among the laggards.
On Tuesday, the market capitalisation of firms listed on the BSE soared to a new all-time high of Rs 437.24 lakh crore, buoyed by a bullish trend in equities. The BSE Sensex continued its record-setting spree, achieving another historic closing high. In its fourth consecutive session of gains, the 30-share BSE index rose by 308.37 points, or 0.40%, to close at a new peak of 77,301.14. It also reached a new intraday high of 77,366.77 after climbing 374 points, or 0.48%.
Rising for the fourth straight session, the 30-share BSE benchmark climbed 308.37 points or 0.40%, to settle at a new closing peak of 77,301.14. During the day, it jumped 374 points or 0.48%, to hit the fresh lifetime peak of 77,366.77.
The positive trend in equities took the market capitalisation of BSE-listed firms to a new record high of Rs 4,37,24,261.40 crore ($5.24 trillion). In four days, the investors’ wealth has risen by Rs 10.29 lakh crore.
"Key benchmark indices continued their record-breaking spree as renewed FII buying interest coupled with moderating domestic inflation has raised hopes of a rate cut by this year-end."
"Although monsoon has made a steady start, investors are hoping for a pick-up in rain activity over the next few weeks that would boost consumption, particularly rural areas, and prop up overall growth in the remaining quarters of this fiscal," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
Among the 30 Sensex companies, Power Grid, Wipro, Titan, ICICI Bank, Mahindra & Mahindra, Axis Bank, HDFC Bank, Infosys, JSW Steel and State Bank of India were the biggest gainers.
In contrast, Maruti, Tata Steel, UltraTech Cement, Tata Motors, ITC and Tata Consultancy Services were among the laggards.
"The Indian market touched record highs again and is gradually expanding the gains achieved following the national election. It is responding positively to the upcoming budget, which is anticipated to strike a balance between growth and populism."
"Similarly, it is also taking cues from positive global market trends, with the US moving steadily towards the presidential election in November," Vinod Nair, Head of Research at Geojit Financial Services, said.
In the broader market, the BSE smallcap gauge jumped 0.96%, and midcap index climbed 0.43%.
Among the indices, realty jumped 2.11%, utilities (1.05%), telecommunication (1%), consumer discretionary (0.90%), bankex (0.83%), services (0.74%) and capital goods (0.73%).
As many as 2,167 stocks advanced while 1,836 declined and 147 remained unchanged on the BSE.
Foreign Institutional Investors bought equities worth Rs 2,175.86 crore on Friday, according to exchange data.
(With inputs from PTI)
