BSE Sensex Hits the $4 Trillion Mark For the First Time Ever The positive market was courtesy of US Federal Reserve's dovish commentary on hinting potential rate cuts by March 2024
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Bombay Stock Exchange, on Wednesday, touched a total market capitalisation of USD 4.01 trillion (or INR 333 lakh crore) for the first time ever.
Indian stocks on BSE achieved the landmark of USD 1 trillion in May 2007. It took 2,566 days or a little over seven years to go from USD 1 trillion to USD 1.5 trillion. The m-cap touched USD 2 trillion in July 2017, and USD 3 trillion in May 2021. It soared USD 600 billion since the year began.
The BSE Sensex saw the market open at 66,381.26 and trade at 66,715.20 at the time of publishing.
Among global contemporaries, the Indian stock market ranks fifth in market value, right behind the US, China, Japan and Hong Kong.
The positive market was courtesy of US Federal Reserve Governor Christopher Waller's dovish commentary on hinting potential rate cuts by March 2024. The equity advancement was heavily led by information technology (IT) stocks.
Meanwhile, NSE also benefited from the positive commentary. Nifty50 opened at 19,976.55 and is trading at 20,041.20 at the time of publishing. It's expected that it closes above 20,000 points for the day.
BSE Sensex crossed an all-time high of 67,000 in September, while Nifty50 crossed the 20,000 mark for the first time on September 11.