BSE Market Cap: The growth of the stock market in India is continuing, due to which the market capital of the listed companies is creating a new record. Today the market capitalization of all the companies listed on BSE crossed Rs 292 lakh crore, which is a record. Market capitalization of listed companies has increased due to sharp rise in midcap and smallcap stocks. Foreign and local capital is also coming, due to which the market cap has increased.
According to BSE data, earlier on December 14 last year, a new high was reached in terms of market cap, when the market capitalization of companies stood at Rs 291.25 lakh crore. The Sensex had crossed the 63,300 level in the morning session, but declined slightly thereafter. Especially bank, financial and IT stocks have been sold.
Nifty and Sensex have gained about 10 per cent in the last three months. Now both are close to their respective lifetime highs. Overall the outlook for the broader market is very good. The Nifty Midcap and Nifty Smallcap indices have gained 16 per cent and 17 per cent respectively in the last three months. In the financial year 2023-24, FIIA has infused Rs 66,730 crore in Indian equities. Due to this, the global brokerage house Goldman Sachs has given a target price of 20,000 for Nifty by the end of March. That is, there can be an increase of up to 7 percent from the current level.
Nifty currently trades at 18 times one-year forward EPS, which is 13.5 per cent lower than the 10-year average EPS of 20.8 times. India’s GDP growth is expected to be 6.5 per cent in FY2024, due to which most of the investors are positive for India.
Which stocks to buy now?
Looking at the rally in the market, Prabhudas Lilladher has advised to buy HDFC Bank, Maruti, Siemens, Sumitomo Chemicals, Apar Industries and Aster DM Health. While the shares of ABB, Bharti Airtel, Max Health, Apollo Hospitals and Bank of Baroda (BoB) have been removed from this list.
How do experts predict?
Anand James, Chief Market Strategist, Geojit Financial Services, says that, as per our opinion, consolidation may happen in the range of 18,740 and the market will look towards 18,887-19,000-19,070. But there is less chance of boom in the field. Nifty is likely to go down to 18,708.