Indian capital mkt set to join $4-trn club

Fag-end Buying

•  BSE Sensex rose by 204.16 pts or 0.31% to 66,174.20
•  During the day, Sensex hit a high of 66,256.20 and a low of 65,906.65
•  Nifty gained 95 pts or 0.48% to 19,889.70
•  Mkts turn positive after S&P raises GDP growth forecast

New Delhi: The combined market capitalisation (mcap) of BSE-listed firms hit an all-time high of Rs331 lakh crore on Tuesday and is just shy of entering the landmark $4-trillion club. At the end of trade, the mcap of BSE-listed companies reached Rs3,31,05,425.71 crore (Rs331.05 lakh cr), which translates to $3.97 trillion at the current exchange rate of 83.34, thanks to a fag-end recovery in the equity market after a highly volatile trade. On May 24, 2021, the mcap of all listed companies on the BSE touched the $3-trillion mark. The 30-share BSE benchmark Sensex hit its all-time peak of 67,927.23 on September 15, this year.

Nifty opened higher and sustained its upward move to close with gains of 95 points, or 0.5 per cent, at 19890 levels as 39 of Nifty components closed in the green and 11 ended lower. BSE Sensex jumped 204 points, or 0.31 per cent, to end at 66,174 levels. The During the day, Sensex hit a high of 66,256.20 and a low of 65,906.65.

The Rs17,000 crore-share buyback programme of India’s top software services exporter Tata Consultancy Services (TCS) will open on December 1. The buyback, where investors can sell to the company their shares at an offer price of Rs4,150 apiece, will close on December 7, TCS said in a regulatory filing on Tuesday.

Domestic equities were positive on Tuesday despite mixed global cues, after global rating agency S&P raised India’s GDP growth forecast for FY24 by 40 bps to 6.4 per cent, said Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.

“Majority of the sectors ended in green with action seen in oil & gas, metals, PSU bank and auto.

Oil marketing companies are witnessing renewed interest on account of fall in oil price ahead of the OPEC+ meeting this week. Mining stocks will remain in focus as the government plans to launch its first tranche auction of 20 blocks of critical and strategic minerals on Wednesday,” Khemka said.

Even auto stocks are likely to remain in the limelight amid strong volume sales data for OEM in November due to buoyant festive

demand.