Tech Mahindra, HDFC Bank, Reliance Industries, among others lifted the market for the second consecutive session. The Nifty Midcap 100 index hit a record high, while Nifty 50 is now just 1% away from its all-time high of 20,222.45 hit on September 15. The BSE Sensex hit its all-time peak of 67,927.23 on the same day.
Meanwhile, the combined market valuation of all BSE-listed companies reached the $4 trillion milestone for the first time ever. Led by the optimism in equities, the market capitalisation of BSE-listed companies crossed ₹333.26 lakh crore in morning trade, translating into $4 trillion at the exchange rate of 83.31. Read here: Market cap of BSE-listed firms hit $4trillion mark for the first time ever While the BSE benchmark Sensex has rallied 5,540.52 points or 9.10% so far this year, the market capitalisation (m-cap) of all listed firms at its platform have jumped about ₹50.81 lakh crore.
The other markets valued more than $4 trillion of m-cap include the US, China, Japan and Hong Kong. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services advises investors to take cues from the wisdom of the investment legend Charlie Munger who died yesterday. Munger advised investors: don’t be gamblers, be patient investors.
“There is a lot of gambling happening in the market now in low grade stocks. These should be avoided. Investors should buy quality stocks which are fairly priced, and wait patiently.
There is value in largecap banking, IT and autos for patient investors. A big move in the market is likely after the state election results are known. Perhaps the exit polls tomorrow evening may provide some clues," said Vijayakumar.
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