Helped by the ongoing rally in equities, the market capitalization of BSE-listed companies has hit a new record high. ₹2,70,24,154.49 crore in morning trade on Wednesday.
Rallying for the fifth consecutive session on Wednesday, the 30-share BSE benchmark jumped 376.44 points to hit its all-time high of 60,660.75.
The BSE benchmark index has gained 1,471.02 points in five trading days.
Inspired by the ongoing rally, investors’ wealth has also jumped ₹8,03,607.44 crore in five days.
“A significant trend in the market in the recent past is the resilience of the market despite selling by both FIIs and DIIs. This new trend reinforces the dominance of retail investors and the success of the ‘buying strategy on dips’.”
“We don’t know how long this trend will continue and whether this strategy will work. But now the trend is strong and may continue until an event reverses a trend,” said chief investment strategist at Geojit Financial Services VK Vijaykumar said.
He further added that Infosys, Wipro and Mindtree’s Q2 results today will be crucial for the IT sector which has been underperforming after TCS results fell below market expectations.
M&M was the biggest gainer in the pack of 30-share BSE benchmark companies, rising nearly 5 per cent, followed by Titan, Tata Steel and PowerGrid.
This story has been published without modification in text from a wire agency feed.
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