As stocks rise, the market cap of companies listed on the BSE reached an all-time high of Rs 292.78 billion

On Friday, the benchmark Sensex closed at a record-breaking high of 63,384.58 as the market capitalization of BSE-listed companies touched an all-time high of Rs 292.78 lakh crore.

Market observers attributed the market bounce to the Federal Reserve’s decision not to increase interest rates, as well as to favourable global signals and foreign institutional investors (FIIs) becoming net purchasers of domestic shares.

The benchmark price for the 30-share BSE index soared 466.95 points, or 0.74 percent, to close at a record-breaking high of 63,384.58. It increased by 602.73 points or 0.95 percent during the day to reach 63,520.36.

Just 198.49 points separate the Sensex from its all-time intra-day high of 63,583.07 on December 1, 2022.

The market capitalization (mcap) of BSE-listed companies hit a record high of Rs 2,92,78,245.41 crore as a result of the recovery in stocks.

On Friday, investors gained Rs 2 lakh crore thanks to the markets rise.

Market capitalization for BSE-listed companies reached a record high of Rs 2,91,25,007.45 crore on December 14, 2022.

“Bulls on Dalal Street were jubilant as investors rejoiced over the Federal Reserve’s decision not to increase interest rates, and the rise was further aided by encouraging signs from across the world. The S&P 500 index and Nasdaq Composite flirting with their new 14-month highs and FIIs becoming net purchasers of domestic equities further added to the mood, according to Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Titan, Kotak Mahindra Bank, HDFC Bank, IndusInd Bank, ITC, HDFC, Bajaj Finance, ICICI Bank, HUL, Reliance Industries, and Mahindra & Mahindra were the next top gainers in the Sensex pack, each up 2.21 percent.

The worldwide market surge was accompanied by a gain in the Indian equities markets. This week, the Sensex and Nifty both increased by more over 1%, according to Shrikant Chouhan, Head of Equities Research (Retail), Kotak Securities Ltd.

The BSE benchmark increased by 758.95 points, or 1.21 percent, on a weekly basis.

The BSE smallcap index increased 0.76 percent in the overall market, while the midcap index increased 0.71 percent.

Financial services up by 1.21%, bankex increased by 1.03%, capital goods increased by 1.02 %, industrials increased by 0.91 %, FMCG increased by 0.80 %, consumer durables increased by 0.78%, and consumer discretionary increased by 0.74 %.

Seoul, Tokyo, Shanghai, and Hong Kong had positive closing prices in Asian markets.

European equity markets were trading up. On Thursday, the US stock markets closed much higher.

According to exchange statistics, foreign institutional investors (FIIs) purchased shares of stock on Thursday totaling Rs 3,085.51 crore.

“The local market recovered thanks to significant purchasing in the banking, pharmaceutical, and consumer sectors as well as encouraging signs from international markets. Better-than-expected retail sales, which were a reflection of the strength of the economy, contributed to the confidence in the US market.

According to Vinod Nair, Head of Research at Geojit Financial Services, “additionally, jobless claims remain elevated, and a decline in import prices raised hopes for a prolonged pause in interest rate hikes by the Fed, contradicting their announcement of potential future rate hikes made the previous day.”