BSE-listed Firms Hit Record Mcap at Rs 218 Cr on Strong Rebound

HDFC Bank gained the most with 4.8 per cent, followed by SBI, Indusind Bank, ICICI Bank, Axis Bank
BSE-listed Firms Hit Record Mcap at Rs 218 Cr on Strong Rebound
BSE-listed Firms Hit Record Mcap at Rs 218 Cr on Strong Rebound

On Friday, BSE-listed companies' market capitalisation reached an all-time high with over Rs 218 lakh crore, as benchmarks made a strong rebound, with investors' wealth surging by more than Rs 2.41 lakh crore in a single day.

The market capitalisation of BSE-listed businesses was Rs 2,18,05,263.33 crore at the closing of the trade. After two days of losses, the 30-share BSE benchmark surged 975.62 points, or 1.97 per cent, to settle at 50,540.48. It climbed 1,026.26 points over the day to reach a high of 50,591.12. Following the positive sentiment, BSE-listed companies' market capitalisation increased by Rs 2,41,520.02 crore to Rs 2,18,05,263.33 crore on Friday.

"After two weak sessions, the bulls took charge on Friday. Heavy buying was seen in banking stocks as market participants piled position in financials, which were comparatively underperforming the other indices over the past sessions. Sentiments also got a boost as the country's largest lender SBI posted good numbers for Q4FY21," said Sumeet Bagadia, Executive Director, Choice Broking.

With a rise of 4.48 per cent, HDFC Bank led the 30-share BSE benchmark group, trailed by SBI, Indusind Bank, ICICI Bank, and Axis Bank. The only two companies to close lower were Dr Reddy's and PowerGrid.

"Markets rebounded sharply on Friday and gained nearly 2 per cent, tracking firm global markets and supportive local cues," Ajit Mishra, VP, Research, Religare Broking Ltd, said. In the broader market, the BSE midcap and smallcap index gained up to 0.82 per cent.

All BSE sectoral indices closed with gains, led by bankex, finance, telecom, power, and utilities gaining up to 3.73 per cent. "Domestic equities witnessed a strong rebound after being lacklustre for two days following the weak global market. The easing Covid concerns, appreciation in INR, and recent positive global data helped the market," said Vinod Nair, Head, Research, Geojit Financial Services.

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