Business News | M-cap of BSE Firms Hits All-time High Riding on Latest Bull Run
Get latest articles and stories on Business at LatestLY. The total market capitalisation of BSE-listed companies touched an all-time high of Rs 280.50 lakh crore supported by the recent consistent gains in domestic stocks.
New Delhi [India], August 19 (ANI): The total market capitalisation of BSE-listed companies touched an all-time high of Rs 280.50 lakh crore supported by the recent consistent gains in domestic stocks.
Indian stock indices have been rising for the past five weeks on a trot.
A slight moderation in inflation -- both in the US and India -- coupled with a fresh inflow of foreign funds into Indian capital markets infused positive investor sentiments.
Till early July, Foreign Portfolio Investors (FPIs) were consistently selling equities in the Indian markets for the past nine-to-ten months due to various reasons, including tightening of monetary policy in advanced economies, rising demand for the dollar and high returns from US bonds. They have pulled out Rs 171,345 crore worth of equities so far in 2022, NSDL data showed.
Meanwhile, benchmark indices - Sensex and Nifty - rose nearly 10-11 per cent during the ongoing rally on a cumulative basis, thereby recovering largely the entire losses they witnessed so far in 2022. The latest rally in stocks made Indian investors richer by over Rs 25 trillion.
In July, they were, however, the net buyer with a total purchase of equities worth Rs 4,989 crore. So far in August, they bought equities worth another Rs 41,024 crore, data showed.
"Recent gains in Indian indices have been helped by a combination of factors including encouraging macro data, fall in commodity prices, slowing inflation that may lead to central banks globally softening their monetary policy stance earlier than expected etc," said Dhiraj Relli, MD and CEO at HDFC Securities.
"Return of buying by FPIs has also helped. The steepness of the rally from the lows of June 2022 without any major correction on the way has been beyond expectations of most investors. This also reflects the relative strength of the Indian markets amidst the global turmoil."
Pertinent to mention here, the benchmark index Sensex touched the psychologically crucial 60,000 mark on Wednesday after more than four months. (ANI)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)