BSE mcap hits new high of ₹318 lakh crore as sensex recovers

MUMBAI: The sensex gained for the second session in a row to close at 65,628 on Monday, clocking its highest level in over three weeks. Investor wealth, measured by BSE's market cap, logged a fresh high of Rs 317.6 lakh crore on Monday - rising over Rs 5 lakh crore in just two sessions this month.

The BSE market cap had crossed the Rs 300-lakh-crore milestone for the first time exactly two months ago when the sensex was at 65,205 points.

"Markets extended their gains for the second trading session on the back of rising expectations of a rate hike pause by the US Federal Reserve. Further, reports of China taking measures to revive the property sector in the country also boosted sentiment," Shrikant Chouhan of Kotak Securities said.

The sensex rose 241 points or 0.4% on Monday with IT majors Wipro (4.3%) and HCL Tech (4%) being the top gainers. US markets remained shut on Monday due to Labor Day.

"In case the FII sentiment improves, we may see extended gains as recent economic data such as robust GST collections, strong auto sales numbers for August, and higher Q1 GDP numbers suggest that global macroeconomic uncertainty has not affected India's performance," Prashanth Tapse of Mehta Equities said.


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