India's m-cap lags as Sensex scales new highs on post election euphoria

The share of Sensex companies in market cap is at the highest levels ever, signalling that the stock market gains have been restricted to a select few stocks

The benchmark indices logged fresh record highs for a third day in a row on Tuesday even though the country’s market capitalisation is yet to cross its previous peak registered nine months ago.

The market value of all companies listed on the BSE stood at Rs 154.6 trillion, Rs 6.4 trillion below its previous peak of Rs 161 trillion on August 31, 2018.

The difference between current and peak market cap is much wider if new equity paper that entered the market in the past nine months is excluded.

On the other hand, the share of Sensex companies in market cap is at