Will the FPO fund infusion solve Vodafone Idea’s problems?

New Delhi: The market capitalisation of BSE-listed companies jumped to an all-time high of over Rs 218 lakh crore on Friday, as benchmarks made a strong comeback with investors’ wealth rising more than Rs 2.41 lakh crore in a single day.

At the close of trade, the market capitalisation of BSE-listed companies was at Rs 2,18,05,263.33 crore. The 30-share BSE benchmark jumped 975.62 points or 1.97% to close at 50,540.48 after two days of losses. During the day, it rallied 1,026.26 points to reach a high of 50,591.12.

Following the upbeat sentiment, the market capitalisation of BSE-listed companies surged by Rs 2,41,520.02 crore to Rs 2,18,05,263.33 crore on Friday.

“After two weak sessions, the bulls took charge on Friday. Heavy buying was seen in banking stocks as market participants piled position in financials, which were comparatively underperforming the other indices over the past sessions. “Sentiments also got a boost as the country’s largest lender SBI posted good numbers for Q4FY21,” said Sumeet Bagadia, Executive Director, Choice Broking.

HDFC Bank was the biggest gainer in the 30-share BSE benchmark pack, jumping 4.48%, followed by SBI, Indusind Bank, ICICI Bank, Axis Bank and HDFC. Dr Reddy’s and PowerGrid were the only two companies to close lower.

“Markets rebounded sharply on Friday and gained nearly 2%, tracking firm global markets and supportive local cues,” Ajit Mishra, VP – Research, Religare Broking Ltd, said. In the broader market, the BSE midcap and smallcap index gained up to 0.82%.

All BSE sectoral indices closed with gains, led by bankex, finance, telecom, power and utilities gaining up to 3.73%.

“Domestic equities witnessed a strong rebound after being lacklustre for two days following the weak global market. The easing COVID concerns, appreciation in INR and recent positive global data helped the market,” said Vinod Nair, Head of Research at Geojit Financial Services.