BSE cos' m-cap soars to record Rs 119 lakh crore

BSE Sensex dropped 44.52 points, a day after it surged 496.40 points following BJP's win in UP polls

The total market valuation of BSE-listed companies surged to an all-time high of over Rs 119 lakh crore on Wednesday even as the benchmark Sensex ended in the red.

Investors' wealth rose by Rs 38,232 crore to Rs 1,19,25,306 crore, as per BSE data.

BSE Sensex dropped 44.52 points to settle at 29,398.11, a day after it surged 496.40 points following Bharatiya Janata Party's stellar show in Uttar Pradesh elections.

While the main index dropped, sub-indices like BSE MidCap Select Index and BSE Sensex Next 50 rose up to 1.24 per cent.

"After a range bound movement, the market settled with small losses led by IT heavyweights due to appreciation in the rupee. Global investors are waiting for more clarity from the US Federal Reserve meet for any change in pace of rate hikes this year.

"Despite a growing expectation of rate hike by the US Federal Reserve, the FPIs are attracted to India equities due to a favourable political environment, while rupee has strengthened to a fresh 16-month high led by foreign inflows," Geojit Financial Services Head of Research Vinod Nair said.

A total of 2,997 companies are listed on the stock exchange. Of these, 1,411 stocks advanced while 1,400 declined and 186 remained unchanged.

BSE is among the world's 10 largest exchanges in terms of market value, while it is the biggest in terms of number of firms listed on its platform.