New Delhi Market capitalization of companies listed on BSE reaches all-time high ₹261.73 lakh crore on Thursday, helped by a massive rally in equities, where the benchmark Sensex jumped 958 points to hit a new lifetime high.
The 30-share benchmark of BSE jumped 958.03 points or 1.63% to reach its new closing peak of 59,885.36. During the day, it rose 1,029.92 points to touch an intra-day record high of 59,957.25.
Market capitalization of BSE-listed companies jumped, driven by a rally in equities ₹3,16,778.1 crore to reach ₹2,61,73,374.32 crores.
“Markets began to thin the US Fed statement in their progress as of November. Encouraging news on the Evergrande crisis also helped to offset some of the uncertainty on the global front. Indian markets have been on a roll and today The rally was symbolized by Devang Mehta, Head of Equity Advisory at Centrum Broking, said, “There remains strong sentiment at the local level due to reduction in Covid cases and strong vaccination numbers.
On Wednesday, US Federal Reserve Chairman Jerome Powell said the Fed plans to announce in early November that it will begin reducing its monthly bond purchases, should the job market continue to improve.
“Amid a strong opening, bulls showed no signs of weakness thanks to strong global cues and broad-based buying led by realty, metals and banking stocks. Global markets buoyed optimism despite a slightly sharper swing by the Fed Reserve. The US Central Bank will begin reducing its asset purchases in November and will end the taping process by mid-2022,” said Vinod Nair, head of research at Geojit Financial Services.
Bajaj Finserv was the biggest gainer in the pack of 30-share BSE benchmark frontline companies, rising over 5%, followed by L&T, HDFC, Axis Bank, SBI and Reliance Industries.
In contrast, Dr Reddy’s, ITC, Nestle, HUL and Bharti Airtel were among the laggards.
BSE Midcap and Smallcap rose up to 1.28%.
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