NSE Market Cap Tops $5 Trillion As Nifty Surges To Record
The jump from $4 trillion to $5 trillion comes in about six months.
The National Stock Exchange's market value topped $5 trillion (about Rs 416.57 trillion) as Indian markets rose to a record on Thursday. The surge comes on the back of multiple global and domestic triggers.
The benchmark Nifty 50 touched an all-time high of 22,993.60 and the Nifty 500 index reached 21,505.25 levels, indicating that the rally isn’t restricted to large-cap stocks.
The jump from $4 trillion to $5 trillion comes in about six months. The top five companies by market value are Reliance Industries Ltd., Tata Consultancy Services Ltd., the private lenders HDFC Bank Ltd. and ICICI Bank Ltd., and Bharti Airtel Ltd.
According to Sriram Krishnan, chief business development officer of NSE, the rise in market value "reposes the faith of investors in the Indian economy in the years to come".
"NSE, as a market infrastructure institution, will continue to thrive and provide the best-in-class market infrastructure and a robust platform for investors as well as for resource mobilisation for issuers, thereby supporting the important aspect of capital formation in the country," he said.
NSE had breached the market cap of $2 trillion in July 2017 and took 46 months to cross the $3-trillion mark. The journey from $3 trillion to $4 trillion took about 30 months.
In the past decade, the Nifty 50 gained 13.4%, while domestic mutual fund assets under management delivered a 506% jump from Rs 9.45 lakh crore to Rs 57.26 lakh crore.
The constituents of the Nifty 100 index now represent 61% of market capital, as compared with 74.9% of total market capital as of April 2014.
