Investors Richer By Rs 3.83 Lakh Crore As Mcap of BSE-Listed Firms Soars To Record High

On Thursday, the 30-share BSE Sensex zoomed 930 points to end at its all-time closing high of 70,514 points

Global markets rallied after the US Federal Reserve kept its key interest rate unchanged and signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year.

Source : Getty

The market capitalisation (Mcap) of BSE-listed firms soared to an all-time high of Rs 355 lakh crore on Thursday. As the BSE Sensex hit its all-time high level driven by a rally in global equities, investors became richer by Rs 3.83 lakh crore from Rs 3.51 lakh crore on Wednesday. Global markets rallied after the US Federal Reserve kept its key interest rate unchanged and signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year.

On Thursday, the 30-share BSE Sensex zoomed 930 points to end at its all-time closing high of 70,514 points. During the day, it zoomed 1,018.29 points or 1.46 per cent to hit its record intra-day peak of 70,602.89 points.

"The US Federal Reserve's decision to leave rates unchanged lifted the world equity market mood, including India, which saw benchmark indices reach yet another record highs on the back of a frenzied buying support. Besides, falling crude oil prices and foreign investors pumping in money into domestic equities has bolstered investors' sentiment," Prashanth Tapse, senior VP (Research), Mehta Equities Ltd, said.

With India continuing to post strong growth numbers and hopes of rate cut expected in the middle of next year, optimism in equity markets could continue in the medium term, he added.

Among the Sensex firms, Tech Mahindra, Infosys, Wipro, HCL Technologies, IndusInd Bank, Bajaj Finance, Bajaj Finserv and Mahindra & Mahindra were the major gainers. On the other hand, Power Grid, Nestle, Titan, JSW Steel, Maruti and Tata Motors were among the laggards.

A total of 2,064 stocks advanced while 1,702 declined and 126 remained unchanged on the BSE. 

In the broader market, the BSE midcap index jumped 1.06 per cent and smallcap climbed 0.62 per cent.

In Asian markets, Seoul and Hong Kong settled in the positive territory, while Tokyo and Shanghai ended lower. European markets were trading in the green. The US markets ended with significant gains on Wednesday.

Foreign Institutional Investors (FIIs) continued to remain buyers as they bought equities worth Rs 4,710.86 crore on Wednesday, according to exchange data.

Among the indices, realty rallied 3.80 per cent, IT jumped 3.21 per cent, teck (2.72 per cent), telecommunication (2.14 per cent), financial services (1.38 per cent), oil & gas (1.36 per cent) and energy (1.28 per cent). Consumer Durables index emerged as the only laggard.