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Early Christmas on D-Street: Markets hit all-time high

Domestic stocks added a whopping Rs 44.44 lakh crore to market value this year

Samie Modak 

BSE, Sensex, stocks

The on Friday recorded all-time highs, with the closing at 33,940 and the ending slightly shy of 10,500. India’s total m-cap topped Rs 150 lakh crore ($2.4 trillion) for the first time. added a whopping Rs 44.44 lakh crore ($860 billion) to market value this year.

India, which overtook Canada, could soon become the world’s sixth-biggest market in terms of m-cap. This year’s rally has been quite broad-based, with the mid- and small-cap indices outperforming the blue-chip The only caution in this fairy tale is that India’s m-cap-to-GDP ratio has climbed to 95 per cent, up from 72 per cent a year ago. Moreover, it has largely been driven by valuation re-rating in the absence of earnings growth. If the economy and corporate earnings don’t pick up, the would continue to look even more expensive. graph graph

First Published: Sat, December 23 2017. 01:34 IST