India overtakes France and becomes the 6th most valued stock market in the world; Tata Group creates maximum value

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Highlights

  • India’s market cap is now a striking distance from fifth place in the UK, which has a market cap of $ 3.7 trillion.
  • The top four places in this ranking are occupied by the United States ($ 51 billion), China ($ 12.4 billion), Japan ($ 7.4 billion) and Hong Kong ($ 6.4 billion) of dollars).
  • India’s oldest corporate house, Tata Group, added nearly Rs 7million lakh to its market value.

New Delhi: With BSE Sensex crossing for the first time the 59,000 mark on Thursday, India has become the sixth most valued stock market in the world behind France. India’s market cap on Thursday stood at Rs 263 lakh crore or $ 3.550 billion, ahead of France’s $ 3.4 trillion and a short distance from the UK’s fifth largest capitalization $ 3.7 trillion stock market, according to Bloomberg data. The top four places in this ranking are occupied by the United States ($ 51 billion), China ($ 12.4 billion), Japan ($ 7.4 billion) and Hong Kong ($ 6.4 billion) of dollars).

Over the past month itself, India’s market capitalization has increased by around $ 300 billion, or around Rs 22 lakh crore.

The India time citing official data mentioned in a report that Tata Group has contributed the most to India’s market capitalization so far this year. The salt software conglomerate and India’s oldest business house added nearly 7 lakh crore to its market value. Tata Group’s crown jewel, TCS, which has grown nearly 35% this year so far, alone added more than 5 lakh crore to the group’s market cap.

The Gujarat-based Adani group added Rs 4.8 lakh crore and the Pune-based Bajaj group, Rs 2.9 lakh crore to their market value. Reliance Industries, headed by Mukesh Ambani, has seen its market value increase by Rs 2.8 crore lakh, or nearly 22% since the start of the year.

Indian stock markets extended their streak of gains on Friday, also led by banks and Reliance Industries. As of 11:35 am, the Sensex was up 348 points to 59,489, after hitting an all-time high of 59,737.32 during intraday trading.

The publication citing S Ranganathan, head of research at LKP Securities, mentions that it is generally observed that when an underperforming stock or sector rebounds, it creates a welfare effect on others. Before the government announced details of the operations of the proposed bad bank that will handle the sector’s large bad loans, “bank stocks have provided the bulls with the ammunition needed to reach record highs of 59,000 on the sensex.” did he declare. written in a post-trade note.

Over the next few weeks, investors will be watching global indices more closely than domestic ones, market participants said. These include next week’s US Fed meeting, the spread of the Delta variant of the Covid virus, and indications of slowing economic growth globally.

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