Mcap of BSE-listed firms hit fresh all-time high of Rs 283 lakh crore

Bombay Stock Exchange (BSE) | Representational Image

The market capitalisation of BSE-listed firms reached a fresh all-time high of Rs 283 lakh crore on Friday as equities continued to rally for the second straight session. The 30-share BSE Sensex climbed 104.92 points or 0.18 percent to settle at 59,793.14 after hitting the 60,000-mark in intra-day trade.

The market capitalisation of BSE-listed firms hit an all-time high of Rs 2,83,03,925.62 crore. In two days, investors' wealth climbed Rs 2,16,603.93 crore. "Although market pared gains, Sensex hitting the psychological 60,000-mark intra-day signifies investors' faith in the domestic economy. While stock markets may look a bit pricey, India's long-term growth potential does bring some stability at a time when the economic slowdown in key economies is staring at recession fears," said Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.

Tech Mahindra was the biggest gainer in the Sensex pack, climbing 3.32 percent, followed by IndusInd Bank, Infosys, HCL Tech, Maruti, SBI, TCS, Wipro, and Axis Bank. UltraTech Cement, Mahindra & Mahindra, Larsen & Toubro, and Bajaj Finance were among the laggards.

"Nifty bulls retained control despite hawkish comments from Powell and an aggressive interest rate hike from the ECB. Along with firm global market cues, falling crude oil prices and dollar index boosted the market sentiment," said Prashanth Tapse – Research Analyst, Senior VP (Research), Mehta Equities Ltd. In the broader market, the BSE smallcap gauge gained 0.18 percent and the midcap index climbed 0.16 percent.

Among the BSE sectoral indices, IT jumped 2.06 percent, tech 1.59 percent, bank 0.51 percent, and metal 0.50 percent. Basic Materials, telecom, utilities, and capital goods ended lower.