May 21st 2024.
In a significant milestone, the total market value of companies listed on the Bombay Stock Exchange (BSE) reached $5 trillion for the first time on Tuesday. This was a record high for the exchange, with the total valuation standing at Rs 4,14,62,306.56 crore. The 30-share Sensex, however, saw a slight decline of 52.63 points, settling at 73,953.31. Despite this, it had reached a high of 74,189.19 during the day, gaining 183.25 points.
According to Deepak Jasani, Head of Retail Research at HDFC Securities, this achievement makes India the fifth largest country in terms of market capitalisation, after the US, China, Japan, and Hong Kong. This is a major accomplishment for the Indian stock market and reflects its growth and stability.
This is not the first time the BSE has reached a significant milestone, as it had previously crossed the $4 trillion mark on November 29 last year. It had also surpassed $3 trillion on May 24, 2021, and $1 trillion back on May 28, 2007. The journey from $1 trillion to $1.5 trillion took just over seven years, while the jump from $1.5 trillion to $2 trillion took 1,130 days. It then took another 1,255 days to reach $2.5 trillion on December 16, 2020.
So far this year, the BSE benchmark has seen a steady climb, with a 2.37 per cent increase. It even hit an all-time high of 75,124.28 on April 9. However, in Tuesday's trade, there were some major laggards among the Sensex components such as Nestle, Maruti, IndusInd Bank, ICICI Bank, Hindustan Unilever, Larsen & Toubro, Tata Consultancy Services, Infosys, HDFC Bank, and Axis Bank. On the other hand, Tata Steel, JSW Steel, Power Grid, Tech Mahindra, and State Bank of India were among the gainers.
In the broader market, the BSE midcap index saw a 0.34 per cent increase, while the smallcap index declined by 0.18 per cent. Both these indices also reached record highs during the day, with the midcap gauge hitting 43,223.69 and the smallcap index reaching 48,099.29. Among the various sectors, metal saw a significant gain of 4.08 per cent, while utilities, power, commodities, and energy also performed well. On the other hand, financial services, IT, telecommunication, auto, bankex, and teck were the laggards.
This positive growth has been consistent for the BSE, with a 1.84 per cent increase last week alone. This is a testament to the strength and resilience of the Indian stock market, which continues to attract investors and boost the country's economy.
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