₹100 LAKH CR : Nifty M-Cap

The market value of all Nifty companies topped ₹100 lakh crore for the first time on Wednesday as stocks closed at an all-time high. Foreign investors bought shares worth ₹6,027 crore, the highest single-day purchase in nearly three months. The Nifty is already the fourth most expensive global index on a trailing 12-month basis after Germany, US and France.

Strong foreign fund buying amid hopes of a quicker recovery from the economic crisis caused by the pandemic have driven stocks to all-time highs in recent days. The Nifty rose 0.93% to 12,749 on Wednesday while the Sensex jumped 0.73% to 43,593. The 50-share index has climbed 67% since the lows of March when its value was ₹58.91 lakh crore but its closing market cap on a dollar basis of $1.33 trillion is still lower than its peers in East Asian countries — South Korea’s Kospi is valued at $1.46 trillion while Taiwan’s TSEC is worth $1.38 trillion.

Nifty’s market cap is 60% of all listed companies which together are valued at ₹167 lakh crore.

The Nifty’s journey to ₹100 lakh crore since March has been led by heavyweights like Reliance Industries — which added ₹8 lakh crore — as well as TCS, HDFC Bank and Infosys, which together contributed nearly ₹9.8 lakh crore.

HDFC Bank on Wednesday became a $100 billion market cap company after an 11-month gap. It became the third Indian firm to achieve this milestone after Reliance and Tata Consultancy Services.

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