The BSE benchmark sensex closed above the historic 50,000 mark for the first time ever on Wednesday.
The 30-share benchmark closed with a gain of 458.03 points or 0.92 per cent at 50,255.75. During the day, it zoomed 728.67 points to its lifetime high of 50,526.39.
In three trading days, the benchmark has gained 3,969.98 points or 8.57 per cent.
Following the bullish investor sentiment, the market capitalisation of BSE-listed companies jumped by Rs 12,31,140.96 crore in three sessions to a record Rs 1,98,43,784.99 crore ($2.7 trillion).
“Growing optimism among investors after bold and pro-growth Union Budget helped market to rebound sharply. The underlying strength of markets remains intact. In the near term, monetary policy outcome will be a key focus area for the market,” said Binod Modi, Head Strategy, Reliance Securities.
IndusInd Bank was the biggest gainer among the sensex constituents on Wednesday, rising 7.65 per cent, followed by PowerGrid, Dr Reddy’s, Sun Pharma, NTPC and Axis Bank.
In contrast, UltraTech Cement, Maruti, ITC, Kotak Bank and Asian Paints were among the laggards.
Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said, “Markets cheered the Union Budget and scaled back to new highs. We believe structurally Nifty50 is poised for further up-move in the medium term while short term consolidation is expected.”
In the broader market, the BSE mid-cap and small-cap indices gained up to 1.47 per cent.
At the BSE, 1,783 companies advanced, while 1,202 declined and 156 remained unchanged.
The BSE-listed companies’ market valuation had crossed the Rs 100 lakh crore milestone on November 28, 2014.
In 2020, investors grew richer by Rs 32.49 lakh crore, helped by massive returns in the equity market which had a roller-coaster ride during the year hit by the coronavirus pandemic.