BSE Soars: Over 250 Stocks Reach One-Year Highs as Investors Gain ₹6 Lakh Crore

In a remarkable surge, over 250 stocks on the Bombay Stock Exchange (BSE) reached new 52-week highs on September 20, 2024. Notable performers included ICICI Bank, Bharti Airtel, Hindustan Unilever (HUL), Bajaj Finserv, and JSW Steel, contributing to a robust day for equity markets. Investors collectively earned approximately ₹6 lakh crore, pushing the overall market capitalization of firms listed on the BSE to a historic ₹2472 lakh crore, up from ₹466 lakh crore in the previous session.

The Sensex soared to an all-time high of 84,694.46 points before closing at 84,544.31, marking a gain of 1.63% or 1,360 points. Similarly, the Nifty 50 index climbed to a record high of 25,849.25 during intraday trading, finishing at 25,790.95, up 1.48% or 375 points.

The surge was not limited to large-cap stocks; a wide range of companies saw significant gains, with 265 stocks hitting their one-year highs. This list included Zomato, Bajaj Holdings, Britannia Industries, Marico, Eicher Motors, Havells, Indian Hotels, Max Healthcare Institute, Persistent Systems, PI Industries, Trent, and United Spirits.

While the majority of stocks performed well, only four—SBI, IndusInd Bank, TCS, and Bajaj Finance—ended the day in the red within the 30-share Sensex pack. Top gainers in the index included Mahindra and Mahindra, JSW Steel, ICICI Bank, Larsen and Toubro, and Bharti Airtel.

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Market analysts attribute this positive momentum to recent global developments, including a 50 basis point rate cut by the U.S. Federal Reserve, coupled with an accommodative monetary policy. Vinod Nair, head of research at Geojit Financial Services, noted that this environment is expected to foster economic positivity and attract foreign investments in the short to medium term. Rate-sensitive sectors such as autos and finance have been particularly buoyant, while traditional sectors like FMCG are also performing well due to anticipated strong results driven by increased demand and lower input costs.