BSE market cap hits record high as Sensex gains 0.37%

The market capitalisation of BSE-listed firms reached an all-time high of Rs 315 lakh crore on Monday, helped by strong investor sentiments amid encouraging domestic macroeconomic data and a firm trend in global stocks.

The BSE benchmark Sensex climbed 240.98 points, or 0.37%, to settle at 65,628.14. During the day, it rallied 296.75 points, or 0.45%, to 65,683.91.

The barometer had on Friday ended higher by 555.75 points, or 0.86%, at 65,387.16.

In two days, investors' wealth went up by Rs 5,41,951.7 crore. The market capitalisation of BSE-listed firms stood at Rs 3,15,01,090.40 crore.

"Markets extended their gains for the second trading session on the back of rising expectations of a rate hike pause by the US Federal Reserve. Further, reports of China taking measures to revive the property sector in the country also boosted sentiment," Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd, said.

According to a survey released on Friday, manufacturing activities in India gained momentum in August as new orders and output increased at the quickest rates in nearly three years.

GST collections grew 11% to over Rs 1.59 lakh crore in August on the back of improved compliance and reduced evasion, with experts forecasting higher mop-up to continue in the upcoming festive season.

Domestic passenger vehicle sales hit a record in August led by highest-ever monthly dispatches from Maruti Suzuki on the back of festive demand and the continued strong offtake of SUVs.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended with gains.

European markets were trading in the green in early deals. The US markets ended mostly in the positive territory on Friday.

From the Sensex pack, Wipro emerged as the biggest gainer, climbing 4.34%. HCL Tech, UltraTech Cement, Tata Steel, Tech Mahindra, NTPC, Infosys, Power Grid, Tata Consultancy Services, and State Bank of India were the other major gainers.

Mahindra & Mahindra, Axis Bank, ITC, Asian Paints, Bajaj Finance, and Nestle were among the laggards.

In the broader market, the BSE midcap gauge climbed 0.96 per cent, and smallcap index gained 0.84%

Among the indices, metal jumped 2.72%, commodities climbed 1.94%, utilities rallied 1.91%, IT gained 1.74%, power (1.55%), tech (1.51%), and services (0.59%).

FMCG and consumer durables were the laggards.

Foreign Institutional Investors (FIIs) were buyers on Friday as they bought equities worth Rs 487.94 crore, according to exchange data.

"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," Vinod Nair, Head of Research at Geojit Financial Services, said.

"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," Nair said.