Investors witnessed a surge in wealth on Wednesday, with gains amounting to Rs 2.27 lakh crore, as the benchmark Sensex achieved a historic milestone by closing above the 75,000 mark for the first time.
The 30-share BSE benchmark Sensex displayed resilience, climbing 354.45 points or 0.47 percent to settle at 75,038.15. Throughout the trading session, it surged by 421.44 points or 0.56 percent, reaching a high of 75,105.14.
Tuesday’s trading session saw the benchmark hitting an all-time intra-day peak of 75,124.28, underlining the market’s bullish momentum.
Market capitalization of BSE-listed firms soared by Rs 2,27,024.52 crore, reaching an unprecedented high of Rs 4,02,19,353.07 crore (USD 4.83 trillion).
The milestone achievement of surpassing the Rs 400 lakh crore mark in market valuation for BSE-listed companies was first realized on Monday, marking a significant milestone for the market.
Amidst the ebb and flow of Foreign Institutional Investor (FII) investments in local equities in recent months, domestic capital inflows have demonstrated remarkable resilience, serving as a crucial driving force behind the market’s ascent to record highs.
“The unwavering confidence of investors, buoyed by promising growth prospects in the near term and the escalating anticipation surrounding upcoming elections, has been instrumental in propelling the Sensex to a historic milestone, breaching the coveted 75,000 mark for the very first time, while concurrently witnessing the Nifty scale fresh intra-day highs,” commented Prashanth Tapse, Senior Vice President (Research) at Mehta Equities Ltd.
In the realm of the Sensex, notable gainers included ITC, Kotak Mahindra Bank, Bharti Airtel, State Bank of India, Asian Paints, Tech Mahindra, Reliance Industries, and JSW Steel. Conversely, Maruti, HDFC Bank, Mahindra & Mahindra, and Larsen & Toubro saw declines in their stock prices.
Expanding beyond the core indices, the broader market demonstrated robust performance, with the BSE midcap gauge surging by a significant 0.89 percent, while the smallcap index posted a commendable advance of 0.46 percent.
Sector-wise, the rally was particularly notable in segments such as oil & gas (up 1.74 percent), energy (up 1.71 percent), metal (up 1.66 percent), commodities (up 1.30 percent), and services (up 1.15 percent). However, utilities and auto sectors lagged behind, failing to mirror the broader market’s enthusiasm.
Reflecting the market’s overall health, the breadth of the market displayed a positive bias, with 1,961 stocks advancing, 1,869 declining, and 103 remaining unchanged, underscoring the broad-based nature of the rally and the underlying investor confidence.