Banks and Reliance take Sensex to 38,000 mark

On Thursday, the Indian benchmark index BSE Sensex hit fresh all-time high and crossed the mark of 38,000 for the first time. This rally was led by banking majors such as ICICI Bank, SBI and Axis Bank which rose almost 8 per cent, 3 per cent and 2 per cent, respectively. We at DSIJ had predicted this level way back in April.

Our in-house experts had expected the BSE Sensex to trade at these levels ahead of the market. DSIJ's Issue no 10, Volume 33, dated April 16-29 2018, predicted this even when the whole market was bearish. Even in our most recent issue, which hit the stand on August 6, our Editorial speaks in length about a revival in the Indian equity market. 

The latest market capitalisation of all the companies listed on BSE was at Rs. 1,55,83,720 crore. Except for three BSE sectoral indices, all other major sectoral indices were trading at positive marks. 

India’s largest company by market cap, Reliance Industries hit an all-time high of Rs. 1,231.50. At the current market price, the total market cap of Reliance Industries is at Rs. 7,69,708 crore. Also, on Tuesday M&M hit an all-time high of Rs. 945. 

On the other hand, NSE Nifty also hit a fresh all-time high of 11,495.20 and was trading positive. Further, almost all other major sectoral indices were also trading positive, except Nifty Media.  

At 12.56 hours, the BSE Sensex and NSE Nifty were trading positive at 38,003 and 11,462 level, respectively.