India’s equity market has reached a new milestone, with the market capitalisation of companies listed on the Bombay Stock Exchange (BSE) surpassing $5.5 trillion for the first time.
This represents a 22.6 percent increase from $4.2 trillion at the beginning of the year, driven by significant gains in the Sensex and broader markets, including the BSE Midcap and SmallCap indices. The Sensex has risen 13% this year, while the BSE MidCap and SmallCap indices have surged over 30% each.
This rally is driven by optimism surrounding the return of the Bharatiya Janata Party-led government, a favorable global market environment, a resurgence of foreign portfolio investors (FPIs), and a positive budget. The market has also been bolstered by continued buying from domestic investors, expectations of strong economic growth, policy continuity, and an above-normal monsoon.
BSE’s total market capitalization reached $4 trillion in November 2023 and quickly soared past $5 trillion in just six months by May 2024. Today, it has crossed $5.5 trillion.
Today, several stocks surged to 52-week highs, including Suzlon, Colgate, Nuvama Wealth, CAMS, BPCL, and Strides Pharma. The SENSEX stands at 81,703.01, while the NIFTY 50 is at 24,941.60.