Sensex rises 727 pts, Mcap of BSE listed cos hits $4-tn milestone
Rupee appreciates by 2 paise to 83.32 against US dollar
Benchmark Sensex rallied 727 points and Nifty closed above the 20,000 mark on Wednesday driven by buying in heavyweight HDFC Bank, Axis Bank ICICI and TCS on expectations of more foreign fund inflows.
In a remarkable day for Indian equities, the combined market valuation of all listed companies on the BSE reached the $4-trillion milestone for the first time on Wednesday.
The 30-share BSE Sensex jumped 727.71 points or 1.10 per cent to settle at 66,901.91 with 26 of its components ending in the green and four in the red. The index started the day on a positive note and later zoomed 772.08 points or 1.16 per cent to a high of 66,946.28.
The broader Nifty climbed 206.90 points or 1.04 per cent to reclaim the 20,000- mark after a gap of over two months. It ended at 20,096.60.
Among the Sensex firms, Axis Bank rose the most by 3.92 per cent. Mahindra & Mahindra surged by 3.38 per cent, Wipro by 2.32 per cent, Tata Motors by 2.09 per cent, HDFC Bank by 1.94 per cent and Tech Mahindra by 1.51 per cent.
ICICI Bank, JSW Steel, Tata Consultancy Services, Infosys, HCL Technologies and Bharti Airtel were also among major gainers. Nestle, Titan, Bajaj Finserv and UltraTech Cement were the laggards.
The combined market valuation of all listed companies on BSE reached the $4-trillion milestone, mirroring an optimistic trend in equities. It took just 2.5 years to hit the $4-trillion landmark after the market capitalisation of BSE listed companies touched the $3-trillion mark on May 24, 2021.
In the broader market, the BSE midcap gauge jumped 0.78 per cent and the smallcap index climbed 0.40 per cent.
Among the indices, bankex jumped 1.67 per cent, auto rallied 1.57 per cent, IT (1.33 per cent), financial services (1.28 per cent), teck (1.20 per cent), oil & gas (0.99 per cent) and capital goods (0.89 per cent).
Consumer durables and realty were the laggards.
Raising hopes of more foreign fund inflows, market reports stated that the US-based Federal Retirement Thrift Investment Board has announced plans to transition to a new MSCI Index which could lead to more than $3 billion of inflows into Indian equities.
The rupee sustained its gaining momentum for the second straight session and settled 2 paise higher at 83.32 against the US dollar on Wednesday boosted by robust buying in equity markets and inflow of foreign funds.
Global oil benchmark Brent crude climbed 0.54 per cent to $82.12 a barrel.
