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The Indian stock market experienced a significant surge on Thursday, pushing the benchmark Sensex to an unprecedented milestone. The 30-share BSE Sensex crossed the 83,000 mark for the first time in its history, fueled by a sharp rally in the latter part of the trading session. This remarkable performance translated into a substantial increase in investor wealth, with the market capitalization of BSE-listed companies soaring by Rs 6,59,895.19 crore, reaching a total of Rs 4,67,36,045.21 crore (USD 5.57 trillion).
Several factors contributed to this bullish sentiment in the Indian market. Falling US bond yields and anticipations of a potential rate cut by the US Federal Reserve in the upcoming policy meeting injected a wave of optimism among investors. The global trend of rate-cut expectations, particularly from the European Central Bank and the US Federal Reserve, has also played a significant role in boosting investor confidence worldwide. This bullish sentiment has been reflected in the positive performance of other global markets, including those in Asia and Europe.
Analysts attribute the market's robust performance to a combination of factors, including investor confidence in the Indian economy's growth prospects, favorable global economic conditions, and anticipation of supportive policy measures from the Reserve Bank of India (RBI). The positive sentiment is further bolstered by the strong performance of several key sectors, such as metal, telecommunication, power, auto, utilities, and commodities, all of which experienced significant gains on Thursday.
Source: Investors' Wealth Surges Rs 6.59 Lakh Crore As Markets Breach 83,000-Mark