hi INDiA Copyright 2020
New Delhi, October 13
Helped by the ongoing rally in equities, the market capitalisation of BSE-listed companies has reached a fresh record high of Rs 2,70,24,154.49 crore in morning trade on Wednesday.
Rallying for the fifth straight session on Wednesday, the 30-share BSE benchmark jumped 376.44 points to its all-time high of 60,660.75.
In five trading days, the BSE benchmark index has gained 1,471.02 points.
Driven by the ongoing rally, investors’ wealth has also jumped by Rs 8,03,607.44 crore in five days.
“An important trend in the market in recent days is the market resilience in spite of selling by both FIIs and DIIs. This new trend reinforces the dominance of retail investors and the success of the ‘buy on dips strategy.
“We don’t know how long this trend will continue and this strategy will work. But now this trend is strong and might continue till an event triggers a trend reversal,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He further added that Q2 results of Infosys, Wipro and Mindtree coming today will be significant for the IT sector that has been underperforming after the results of TCS which fell below market expectations.
Mamp;M was the biggest gainer in the 30-share BSE benchmark companies pack, rallying nearly 5 per cent, followed by Titan, Tata Steel and PowerGrid. PTI