On Monday, the market capitalization of BSE-listed companies touched an all-time high of Rs 315 lakh crore, aided by robust investor sentiments amid good domestic macroeconomic data and a firm trend in global markets. The BSE Sensex rose 240.98 points, or 0.37 percent, to close at 65,628.14. It rose 296.75 points, or 0.45%, throughout the day to 65,683.91.
On Friday, the barometer rose by 555.75 points, or 0.86 percent, to 65,387.16.
Investors’ wealth increased by Rs 5,41,951.7 crore in two days. The total market capitalisation of BSE-listed companies was Rs 3,15,01,090.40 crore.
“Markets extended their gains for the second trading session on rising expectations of a US Federal Reserve rate hike pause.” Furthermore, reports of China taking steps to revitalise the country’s property industry improved sentiment,” said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.
According to a poll issued on Friday, manufacturing operations in India gained traction in August, with new orders and output increasing at the fastest pace in nearly three years.
GST collections increased 11% to over Rs 1.59 lakh crore in August, owing to enhanced compliance and lower evasion, with experts predicting a similar increase in the forthcoming festive season.
Domestic passenger car sales set a new high in August, headed by Maruti Suzuki’s highest-ever monthly dispatches on the back of festival demand and the sustained robust offtake of SUVs.
Seoul, Tokyo, Shanghai, and Hong Kong all finished with advances in Asian markets.
Early trades in European markets were positive. On Friday, the US markets finished generally in positive territory.
Wipro was the highest gainer in the Sensex pack, up 4.34 percent. Other big gainers included HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services, and State Bank of India.
Among the laggards were Mahindra & Mahindra, Axis Bank, ITC, Asian Paints, Bajaj Finance, and Nestle.
In the broader market, the BSE midcap index rose 0.96 percent, while the smallcap index rose 0.84 %.
Metal rose 2.72 percent, commodities gained 1.94 percent, utilities gained 1.91 percent, IT gained 1.74 percent, electricity (1.55 percent), teck (1.51 percent), and services gained 0.59 percent.
The laggards were FMCG and consumer durables.
According to market data, Foreign Institutional Investors (FIIs) acquired securities worth Rs 487.94 crore on Friday.
Vinod Nair, Head of Research at Geojit Financial Services,mentioned
“Recent domestic macroeconomic data has portrayed a positive picture for the domestic markets, allowing them to maintain their momentum. Despite profit-booking in Nifty Auto after reaching an all-time high, the market regained its footing with robust buying in IT stocks,”
“The increase in the US unemployment rate has solidified expectations of a pause in rate hikes, and positive global cues have further boosted market sentiment.”
- Published By Team Nation Press News