Amid record rally in the stock markets, the investor wealth jumped Rs 2.87 lakh crore in the early trade Thursday, even as the BSE Sensex hit 40,000-mark for the first time ever. The 30-share index climbed more than 900 points to hit a high of 40,012.35. The major benchmark index hit an all time high of 40,124.96, tracking majority for the ruling NDA based on the election trends. The market cap of the companies listed on BSE surged by Rs 2,87,028.8 crore to Rs 1,53,56,153.14 crore in early trade from Rs 1,50,69,124.34 crore on Wednesday.
Yes Bank, IndusInd Bank, L&T, SBI, ICICI Bank, Kotak Bank, RIL were among the major scrips that led the Sensex rally today. The broader NSE index was up 1 per cent at 11,855.85, while the benchmark BSE index was 0.92 per cent higher at 39,469.90, at the time of reportingThe NSE index rose 64.8 per cent during Prime Minister Narendra Modi’s first term, through Wednesday’s close, and the BSE index gained 63.6 per cent. The partially convertible rupee was trading at 69.51/52 per dollar versus previous close of 69.6750.
Also read: Share Market Live Election Result 2019: Sensex retreats after hitting 40,000; Nifty below 11,950
Meanwhile, earlier in the day, Vijay Kedia, MD, Kedia Securities, told ET Now that the banking sector may continue to lead the markets in the coming days. He suggested DCB Bank, RBL Bank, Federal Bank as the good bets to the investors. On the other hand, Motilal Oswal included ICICI Bank, SBI, Maruti, Ultratech, L&T, Titan, Bharti Airtel, Coal India, Infosys, HDFC LIfe, Federal Bank, LIC Housing Finance, and others among top bets in their daily report. Reacting to the early trends, market veteran Rakesh Jhunjhunwala said the verdict is vote for continuity and death of crony capitalism.