Investors turned wealthier by Rs 2.17 lakh crore on Wednesday, as benchmark indices raced to scale new peaks, lifted by gains in blue chip stocks on the back of strong institutional inflows.
Benchmark sensitive indices Sensex and Nifty touched record highs in initial trade on Wednesday, with Nifty nearing the psychologically-important level of 21,000.
The 30-share BSE Sensex jumped 303.25 points, or 0.44%, to a new record high of 69,599.39 in the morning trade. The broader index Nifty also climbed 100.05 points, or 0.48% to hit its fresh lifetime high of 20,955.15.
The market rally added Rs 2.17 lakh crore wealth to investors' kitty.
The market capitalisation of BSE-listed companies surged to Rs 348.64 lakh crore in initial deals on Wednesday, from Rs 346.47 lakh crore in the previous trading session.
Analysts said foreign institutional investors have reversed their selling strategy and have been consistent buyers during the last seven days. This momentum is a reflection of institutional confidence in the Indian market, they said.
Among major Sensex movers, ITC rose the most by 1.70%, Wipro by 1.43%, Tech Mahindra by 1.36% and Nestle India by 1.27%. Other gainers included HCL Tech, Asian Paints and Reliance.
In the broader market, the BSE midcap gauge and the smallcap index jumped 0.21% each.
The combined market valuation of all listed companies on the BSE reached the $4 trillion-milestone for the first time ever on Nov. 29.
The market capitalisation of listed companies on the NSE has surpassed the $4 trillion (Rs 334.72 trillion) mark for the first time ever on Friday.
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