BSE m-cap at Rs 200 trillion as Sensex ends 358 pts up at 50,614; PSBs jump

Investor wealth reached a new pinnacle today as market capitalisation of all the firms listed on the BSE hit Rs 200-trillion milestone. The day ended with an aggregate m-cap of Rs 200.5 trillion.

Robust buying in shares of ITC, Kotak Mahindra Bank, State Bank of India, Bajaj Finance, ICICI Bank, and M&M helped the benchmark S&P BSE Sensex scale a fresh lifetime peak of 50,687.51 level. At close, the index was 358.54 points, or 0.71 per cent, up at 50,614 levels.

The broader Nifty50, on the other hand, continued its march towards the crucial 15,000-mark and ended at a new closing high of 14,896 levels, up 106 points or 0.7 per cent. The index hit a lifetime high of 14,914 in the intra-day trade today.

In the broader markets, midcap stocks such as Jubilant Foods and BHEL (up 7 per cent each), Tata Power (up 6.5 per cent), Sun TV and Balkrishna Industries (up 6 per cent each), and Canara Bank, ABFRL, ABB, and Adani Green (all up between 5 per cent and 5.5 per cent) dazzled at the bourses. Effectively, the S&P BSE MidCap Index settled 1.4 per cent higher on the BSE while the S&P BSE SmallCap index ended 1.2 per cent up. 

Sectorally, Nifty PSU Bank index outran the markets and closed nearly 6 per cent higher on the NSE. Financial sector stocks, especially banks, have been in the limelight since Finance Minister Nirmala Sitharaman proposed to divest stake in two PSBs while unveiling Budget 2021 proposals. That apart, the FM set aside Rs 20,000 crore for recapitalisation of PSBs. Individually, Indian Bank, Bank of Baroda, Bank of India, SBI, Canara Bank, and Punjab National Bank ended higher between 6 per cent and 18 per cent. READ MORE

That apart, the Nifty Bank index clocked a new closing high of 35,345, up 586 points or 1.7 per cent. The index a hit record high of 35,413 earlier today.

Global cues

Stocks dipped on Thursday as a spike in short-term Chinese interest rates fanned worries about policy tightening in the world’s second-largest economy. 

MSCI's ex-Japan Asian-Pacific index fell 1.2 per cent, led by drops in South Korea and China, while Japan's Nikkei lost 1.1 per cent.

In Europe, shares paused after a three-day rally. The STOXX 600 index was flat in early trading, while Milan's FTSE MIB index fell 0.2 per cent. 

(With inputs from Reuters)