Indias market cap crosses Rs 70 lakh crore-mark

Mumbai, Dec 30 | Updated: Dec 31 2007, 05:29am hrs
Investors wealth on the Indian bourses has crossed Rs 70,00,000-crore milestone for the first time in history, with an average increase of over Rs 40 crore in every minute of trading during 2007. The total wealth, measured in terms of cumulative market capitalisation of all the listed companies on the Bombay Stock Exchange, has surged to a record high of Rs 70,38,538 crore (over $1.7 trillion), the latest data available with the bourses show.

This marks a ten-fold surge in the total market value in just about four and a half years. It stood at about Rs 7,00,000 crore in May 2003. The investors wealth has grown by Rs 34,14,181 crore, or about $970 billion, since the beginning of 2007. Taking into account the 249 days of trading so far this year, this means an average gain of about Rs 13,711 crore a day or about Rs 41 crore a minute.

At the end of 2006, the total market capitalisation stood at Rs 36,24,357 crore ($812 billion) . During this period, the stock markets benchmark Sensex has grown 46.6% from 13,786.91 points on December 29, 2006. It settled at 20,206.95 points on Friday last week, while it registered a record intra-day high of 20,498.11 points on December 13. The surge of 94.2% in the market cap during 2007 is more than double of the rise in the Sensex, as close to 100 new companies got listed on the bourses in the year. The bourses saw as much as 101 IPOs during the year, including that of the countrys currently fourth most valued firm DLF Ltd.

The countrys 30 biggest blue-chips, which are part of the Sensex, account for more than 40% of the total with a market capitalisation of Rs 28,39,703 crore. Mukesh Ambani-led Reliance Industries is the most valued firm with a market cap of Rs 4,21,318 crore, followed by PSU firms ONGC at Rs 2,62,386 crore and NTPC at Rs 1,99,045 crore. Other companies in the top five include DLF (1,81,345 crore) and Bharti Airtel (Rs 1,78,530 crore).