Investors became richer by Rs 45.50 lakh crore this year helped by a strong rally in the stock market where the BSE benchmark surged 28 per cent.
Investors became richer by Rs 45.50 lakh crore this year helped by a strong rally in the stock market where the BSE benchmark surged 28 per cent. The Sensex gained 7,430.37 points, or 27.91 per cent, this year. The 30-share key index touched its lifetime high of 34,137.97 on December 27. Led by the strong show in the stock market, the market capitalisation of BSE-listed companies soared by Rs 45,50,867 crore to Rs 1,51,73,867 crore (USD 2.3 trillion) this year. The Sensex today went up by 208.80 points, or 0.62 per cent, to end the last trading session of the year at 34,056.83. “Stock markets in India closed the year 2017 on a buoyant note as benchmark indices opened the last trading day of the year in the positive zone and hit fresh intra-day high in mid-afternoon trade. Fresh buying in index pivotals pushed the markets higher and propelled them to close the day with sharp gains,” said Karthikraj Lakshmanan, Senior Fund Manager – Equities, BNP Paribas Mutual Fund.
Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking said, “The concluding session of the year traded with a positive bias and eventually wrapped up the activity almost at record close. This has been a remarkable year for Indian markets, in fact, we should put it as, for the equity markets across the globe.” A large number of successful IPOs have also ensured that the total investor wealth, measured in terms of cumulative valuation of all listed shares, gain. A total of 36 companies have hit the market with their initial public offers this year, with most of them receiving strong response from investors.
The bluechip index had gained 508.92 points, or 1.94 per cent, in 2016. “Series of positive reforms from the Sebi meeting and expectations of pre budget kept nudging prices higher,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd. From the 30-Sensex pack, 24 stocks ended with gains, led by Tata Motors, Axis Bank, TCS and Hero MotoCorp. RIL is the country’s most valued firm with a market valuation of Rs 5,83,347.34 crore, followed by TCS (Rs 5,16,934.22 crore), HDFC Bank (Rs 4,85,272.61 crore), ITC (Rs 3,20,730.92 crore) and HUL (Rs 2,96,122.31 crore).