BSE-Listed Firms’ Market Capitalization Hits All-Time High, Just Shy of $4 Trillion
The market capitalization of BSE-listed firms reached an all-time high of Rs 331 lakh crore on Tuesday, coming close to entering the prestigious USD 4 trillion club. At the close of trading, BSE-listed companies’ market capitalization stood at Rs 3,31,05,425.71 crore, equivalent to USD 3.97 trillion at the current exchange rate of 83.34. This surge was driven a late recovery in the equity market following a highly volatile trade.
On May 24, 2021, the market capitalization of all listed companies on the BSE reached the milestone of USD 3 trillion. The 30-share BSE benchmark Sensex also hit a record high of 67,927.23 on September 15 this year.
So far this year, the BSE benchmark Sensex has surged 8.76% or 5,333.46 points, with the market capitalization of all listed firms on its platform increasing Rs 48.67 lakh crore. The Sensex closed at 66,174.20 on Tuesday, rising 204.16 points or 0.31%.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, attributed the recent market gains to an uptick in power, metal, and auto stocks, fueled hopes of strong growth momentum and reduced concerns about US interest rate hikes. Furthermore, the increased net buying of local equities foreign institutional investors (FIIs) has brought positivity to the market.
The major gainers among the Sensex firms included Tata Motors, Bajaj Finserv, UltraTech Cement, Bajaj Finance, NTPC, Bharti Airtel, Titan, and Axis Bank. On the other hand, ITC, ICICI Bank, Power Grid, and HDFC Bank experienced losses.
In the broader market, the BSE midcap index rose 0.30% while the smallcap index gained a marginal 0.06%. The utilities sector surged 3.64%, followed power at 3.47%, oil and gas at 3.13%, and energy at 2.27%. There were also gains in the services, commodities, and metal sectors. However, FMCG, industrials, telecommunication, and capital goods were among the laggards.
With the monthly F&O expiry and exit poll results of five state elections approaching, caution is expected to prevail in the market in the coming sessions.