Sudden recapitalization boost for the government run banks has augured well for the Indian capital markets as it managed to hit another record high m-cap of $2 trillion. This has come off despite the huge selling by the foreign portfolio investors or FPIs.
After the demonetisation move, Indian equities market since the beginning of 2017 has moved up the ladder and Nifty index for the first time in July this year crossed the 10000 mark. After this, yesterday's trading session made record highs for both the Sensex and Nifty crossing 33000 and 10300 levels respectively with the government's huge recapitalization plan worth Rs. 2.1 lakh cror for PSBs. The year has been stupendous for the primary market with several big IPOs hitting the shelves.
In the year 2017 alone, Sensex have provided gains to the tune of 25%. PSBs across the pack moved up nearly 30-45% in a day's gain on Wednesday and are again seen trading higher in trade today.
In Wednesday's trade, SBI moved past 4 companies in m-cap as the scrip also made 52-week highs of Rs. 322.95 which made its m-cap at Rs 2,80,282.68 crore. So, among BSE-listed companies, Reliance Industries tops the m-cap followed by TCS, HDFC Bank, ITC and SBI.