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Despite the record feat, the Indian benchmark indices closed flat after a volatile session on 21 May read more
 "Indian markets ignore volatility to hit $5 trillion milestone, generate $1 trillion wealth in six months")
(File) The Bombay Stock Exchange. Reuters
Setting aside the volatility caused by the ongoing Lok Sabha Election and other external factors, the Indian stock market reached a significant milestone on Tuesday by generating $1 trillion in wealth within six months.
According to MoneyControl, the total market capitalisation of all BSE-listed companies hit $5 trillion, or over Rs 414.46 trillion, increasing by more than $633 billion since January this year. Although the Sensex is currently 1.66 per cent below its all-time high, the BSE Mid and Smallcap indices have reached new highs.
The Economic Times reported that Dalal Street’s journey from $4 trillion on 29 November, 2023, to $5 trillion on 21 May, 2024, occurred at an unprecedented speed, a pace never before seen in the market.
Despite this achievement, there is a sense of unease as Foreign Institutional Investors have withdrawn at least Rs 28,000 crore from Dalal Street in May alone due to various factors. While the Nifty is approximately 250 points below its all-time high, the mid and small-cap indices hit new peaks during Tuesday’s session.
Currently, only four stock markets worldwide are in the $5 trillion-plus club: the USA, China, Japan, and Hong Kong. The US leads with a market cap of almost $55.65 trillion, followed by China ($9.4 trillion), Japan ($6.42 trillion), and Hong Kong ($5.47 trillion).
While the benchmark Sensex has risen by just 2.3 per cent so far in 2024, the BSE Midcap and Smallcap indices have increased by 16.3 percent and 11.5 percent, respectively.
The market’s behaviour on 4 June, the day of counting of votes, will be interesting to watch as political developments are likely to influence market movements.
However, the Indian benchmark indices closed flat after a volatile session on 21 May.
At the close, the Sensex dropped by 52.63 points, or 0.07 per cent, to 73,953.31, while the Nifty rose by 27.00 points, or 0.12 per cent, to 22,529.
The top Nifty losers were Nestle, Hero MotoCorp, ICICI Bank, TCS and Maruti Suzuki. The top gainers included Hindalco Industries, Coal India, JSW Steel, Tata Steel and Adani Ports.
Sector-wise, the metal index surged 4 per cent, the power index increased by 2 per cent and the PSU Bank index rose by 1.5 per cent. However, the FMCG sector declined by 0.5 per cent.
In broader markets, the BSE midcap index was up by 0.3 per cent, while the smallcap index fell by 0.2 per cent.
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