“Indian markets are benefiting from domestic flows, a strong macro and expectation of policy continuity with a focus on infrastructure buildout, import substitution and export promotion. Foreign flows are expected to turn positive and accelerate in the second half of 2024,” said Ajay Bagga, a banking and market expert.
Mumbai:
The market capitalisation of BSE-listed companies reached an all-time high of Rs 401.10 trillion on Monday morning, following a record rally in equities, wherein the 30-share BSE Sensex scaled its lifetime peak.
This is for the first time ever that the market capitalisation of BSE-listed companies has gone past the coveted Rs 400 trillion mark.
The 30-share BSE benchmark jumped 425.62 points to reach a new record high of 74,673.84 in early trade.
Thanks to the rally in equities, the market capitalisation (mcap) of BSE-listed companies reached an all-time high of Rs 4,01,16,018.89 crore ($ 4.81 trillion).
“Indian markets are benefiting from domestic flows, a strong macro and expectation of policy continuity with a focus on infrastructure buildout, import substitution and export promotion. Foreign flows are expected to turn positive and accelerate in the second half of 2024,” said Ajay Bagga, a banking and market expert.
The market capitalisation of BSE-listed firms had hit the Rs 300 trillion mark in July last year.
“The recent surge in oil prices due to geopolitical tensions eased following progress in truce talks in the Middle East, contributing to Brent crude’s decline to USD 90.20 a barrel. Additionally, a stronger-than-expected US jobs report tempered expectations of a June rate cut by the Federal Reserve, causing the 10-year US treasury yields to rise to 4.45 per cent, the highest since late November” said Varun Aggarwal, MD, Profit Idea.
From the Sensex basket, Mahindra & Mahindra, Maruti, Tata Steel, Bajaj Finserv, Power Grid, Reliance Industries, Axis Bank and JSW Steel were the major gainers.
Wipro, Nestle, HDFC Bank and Bajaj Finance were among the laggards.
In Asian markets, Seoul and Tokyo were trading in the positive territory while Shanghai and Hong Kong quoted lower.
Wall Street ended with gains on Friday.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,659.27 crore on Friday, according to exchange data.
Global oil benchmark Brent crude declined 1.36 per cent to $89.93 a barrel.