• July 16, 2024

Mcap of BSE-listed firms jumps to record high of ₹354.41 lakh crore; investors richer by ₹3 lakh crore

Pedestrians walk past the Bombay Stock Exchange (BSE) building, in Mumbai. File
| Photo Credit: PTI

Market capitalisation (mcap) of BSE-listed firms hit a record high of ₹3,54,41,617.18 crore during the early trade; Investors’ wealth climbed by ₹3,22,385.27 crore from ₹3,51,19,231.91 crore

The market capitalisation of BSE-listed companies surged to an all-time high of ₹354.41 lakh crore in early trade on December 14, with investors becoming richer by ₹3.22 lakh crore, as the benchmark Sensex hit its all-time high level driven by a rally in global equities.

Global markets rallied after the U.S. 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.

The 30-share BSE Sensex jumped 955.4 points to hit its all-time peak of 70,540 during the early trade.

The market capitalisation (mcap) of BSE-listed firms hit a record high of ₹3,54,41,617.18 crore during the early trade. Investors’ wealth climbed by ₹3,22,385.27 crore from ₹3,51,19,231.91 crore on December 13.

Among the Sensex firms, Infosys, HCL Technologies, Bajaj Finance, Tech Mahindra, Wipro and IndusInd Bank were the major gainers.

Power Grid, Asian Paints, Nestle and Hindustan Unilever were among the laggards.

In Asian markets, Seoul, Shanghai and Hong Kong were trading in the positive territory while Tokyo quoted lower.

The U.S. markets ended with significant gains on December 13.

The Federal Reserve kept its key interest rate unchanged on December 13 for a third straight time, a sign that it is likely done raising rates after having imposed the fastest string of increases in four decades to fight a painfully high inflation.

The Fed’s policymakers also signalled that they expect to make three quarter-point cuts to their benchmark interest rate next year.

“The clear dovish message from the Fed yesterday has set the stage for a smart Santa Claus rally in the coming days, and this can even trigger a pre-election rally that can take the markets to a series of new highs,” said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services.

Foreign Institutional Investors (FIIs) continued to remain buyers as they bought equities worth ₹4,710.86 crore on December 13, according to exchange data.

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