India's stock market has plummeted from being Asia's most favoured investment destination to the least preferred among global fund managers, as Trump's punitive tariff threats and corporate earnings concerns trigger a dramatic investor sentiment reversal.
A combination of high valuations, low growth, and a weakening currency is leading to a shift of funds out of India and into markets perceived to have faster growth potential
The United States, the largest equity market with a market capitalisation of $63.37 trillion, registered a 0.42 percent decline, its first after seven months of consecutive gains.
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Last week, the BSE benchmark climbed 85.31 points or 0.10 per cent. The 30-share BSE Sensex hit its new all-time high of 81,587.76 on Friday.
ICICI Bank has topped $100 billion in market capitalisation, becoming only the sixth Indian company to achieve the feat. The stock has gained about 12 percent from the lows of June 4.
The total market cap of all BSE-listed companies reached $5 trillion or over Rs 414.46 trillion on May 21 against India’s GDP at current prices of Rs 296.6 trillion in FY24.
The 30-share BSE benchmark Sensex climbed 354.45 points or 0.47 per cent to settle at 75,038.15. During the day, it advanced 421.44 points or 0.56 per cent to 75,105.14.
Reliance Industries added Rs 43,976.96 crore to its market valuation at Rs 20,20,470.88 crore. On Friday, shares of the oil-to-telecom conglomerate hit a fresh 52-week high of Rs 2,996.15 apiece.
The stock jumped 3.89 per cent to settle at Rs 3,881.70 on the BSE. During the day, it climbed 4.53 per cent to Rs 3,905.75.
A correction was long overdue, though the speed of the fall took everyone by surprise
From the Sensex pack, State Bank of India, Wipro, Reliance Industries, HDFC Bank, Kotak Mahindra Bank, Tech Mahindra, IndusInd Bank and Asian Paints were the major gainers.
The 30-share BSE Sensex jumped 339.60 points or 0.52 percent to settle at its new all-time closing high of 65,785.64.
The market valuation of Reliance Industries tumbled Rs 40,695.15 crore to Rs 17,01,720.32 crore.
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The chipmaker briefly joined the $1 trillion valuation club
The stock rose 24 percent on May 26, adding $184 billion to the Santa Clara, California-based company’s valuation.
The country's largest insurer LIC had this day last year listed its shares on the NSE and the BSE.
Aggregate market capitalisation falls 11 percent, the biggest since the March 2020 quarter, even as global markets stay in green despite rate-hike worries. Indian markets are likely to see more selling pressure amid falling global markets and expensive valuations, say analysts
In two days, investors' wealth climbed Rs 2,16,603.93 crore.
Shares of the power utility climbed almost 125 percent this year, boosting its market capitalisation to Rs 4.4 trillion on Friday, surpassing LIC and ITC
Tracking rally in equities, the market capitalisation of BSE-listed firms jumped to Rs 2,80,52,760.91 crore on Thursday. Earlier on January 17, the market capitalisation (mcap) of BSE-listed firms had reached a lifetime high of Rs 2,80,02,437.71 crore.
In the ranking of top-10 firms, Reliance Industries retained the title of the most valued firm, followed by TCS, HDFC Bank, Infosys, HUL, ICICI Bank, LIC, SBI, HDFC and Bharti Airtel.
Dixon Technologies (India) was founded in 1993 with a single factory in Noida. The company is today the largest home-grown electronics manufacturer.
While Reliance Industries Ltd (RIL), TCS, HDFC Bank, Infosys, HUL, Bajaj Finance and HDFC were the laggards from the top-10 pack, ICICI Bank, SBI and Adani Green Energy were the gainers.