BSE’s m-cap crosses Rs 400 lakh crore

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MUMBAI: India’s market capitalisation crossed the Rs 400-lakh-crore milestone on Monday – adding a little over Rs 100 lakh crore in the last nine months – riding on the back of a resilient domestic economy despite global jitters, good corporate results and strong buying by institutional investors.
As the sensex and the nifty both scaled new all-time highs to start the week, BSE‘s market capitalisation closed the day at Rs 401 lakh crore, official data showed.
India’s market cap had crossed Rs 300 lakh crore in early July 2023.
On Monday, strong buying mainly in index heavyweights Reliance Industries, L&T and M&M lifted sensex by 494 points or 0.7% to close at 74,743 points. During the day, it had touched a new life high mark at 74,869 points. On the NSE too, the nifty touched an intra-day high at 22,697 points and closed at 22,666 points, up 153 points or 0.7%.

According to Dhiraj Relli, MD & CEO, HDFC Securities, hopes of a favourable outcome from the ensuing general elections and the subsequent policy thrust are keeping investor sentiment upbeat which is helping leading indices move northward. In addition, positive announcements by companies are attracting stock-specific buying, Relli said.
In addition, investors on Dalal Street are also expecting strong earnings growth and positive commentary from top companies during the results season that will kick-off during the week.
“The buoyancy in investors sentiment continued (on Monday), led by sectorial tailwinds and fourth quarter (Q4) earnings growth expectations,” said Vinod Nair, Head of Research, Geojit Financial Services.
Monday’s up-move was largely broad-based with stocks from sectors like auto, reality, oil & gas and consumer discretionary showing outperformance, while IT was tepid because of muted growth expectations due to a slowdown in spending, Nair said.
During the day, domestic funds led the buying with a net inflow of Rs 3,471 crore while foreign funds were net sellers at Rs 685 crore, BSE data showed.
Among the 30 sensex stocks, 22 closed with gains while six, led by Nestle India, closed lower.
Among the laggards was Wipro that over the weekend saw a change of guard at the top with Srinivas Pallia replacing Thierry Delaporte as the MD & CEO of the software exporting major. The stock closed a little over 1% down.



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