New Delhi: It was yet another remarkable day for the domestic equity market as many new records were made on Tuesday, with the BSE-listed firms’ market capitalisation rising past a record Rs 250 lakh crore and the Sensex rallying above 57,000 for the first time.
Winding up a fabulous month with huge gains, the BSE benchmark soared over 9 per cent this month alone. The stock market witnessed many new records in August.
Extending its winning momentum for the fourth day, the 30-share BSE index ended 662.63 points or 1.16 per cent higher at 57,552.39, its new closing record. During the day, it jumped 735.5 points to 57,625.26, its all-time high level.
In four days, the BSE benchmark has surged 1,608.18 points or 2.87 per cent. Interestingly, in just two trading sessions, it jumped from the 56,000 closing mark to the 57,000-level.
Following the rally in equities, the market capitalisation of BSE-listed companies rose to Rs 2,50,02,084.01 crore on Tuesday.
Investors’ have also become richer by Rs 8,48,575.7 crore in four days of the market rally.
“Sustained buying momentum across all sectors and favourable global cues aided markets,” according to Binod Modi, Head Strategy at Reliance Securities.
Bharti Airtel was the biggest gainer among the 30-share BSE index, rallying nearly 7 per cent, followed by Bajaj Finance, Bajaj Finserv, Asian Paints and Titan.
In contrast, Nestle India, IndusInd Bank and Reliance Industries were the laggards.
“One of the key reasons for the rally since yesterday has been recent suggestions from Fed Chair Powell that the Fed is in no hurry to hike interest rates. This, in turn, has fuelled the rally in risk assets, underpinning our markets as well,” said Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS, a tech-focused stockbroking and investment startup.
PTI
