Bulls took the charge of Dalal Street on February 1 - the Budget Day and continued partying for the fourth consecutive session on February 4, which saw benchmark S&P BSE Sensex closing above the psychological level of 50,000-mark for the second day in a row.
The growth-focussed Budget with no disappointing announcement by Finance Minister Nirmala Sitharaman boosted market sentiment. As a result, foreign investors, who were pulling out of markets in the last week of January, returned to Indian markets as they have net bought Rs 10,196 crore worth of shares since the Budget announcement. Positive cues on the global front also aided sentiment.
The BSE Sensex has jumped 4,328 points or 9.4 percent in four days to end at a record closing high of 50,614.29 levels.
Investors, who had bought the declines seen in six consecutive days before the Budget day, made enormous wealth as the BSE market capitalisation increased by Rs 14.34 lakh crore in four straight days.
With this, the total market capitalisation of the BSE-listed companies crossed a new milestone of Rs 200 lakh crore and stood at Rs 2,00,47,191.31 crore at the close on February 4.
"It is a matter of immense pride that, since 1875, BSE has acted as a catalyst to help create immense wealth to the tune of Rs 200 lakh crore amounting to $2.75 trillion. It is heartening to note BSE continues to remain the primary wealth creator of the nation," said Ashishkumar Chauhan, MD & CEO at BSE.
"It is also good to note that no other developing country at the stage of India's development has a thriving capital market as compared to India. BSE has also become the world's 9th largest exchange in terms of listed companies market capitalization, as on date," he added.
All sectors participated in the rally with the BSE Bankex, Auto and Capital Goods indices hitting record high levels today. The broader markets also ended at record closing highs, with the BSE Midcap index rising 8.4 percent and Smallcap up 6.5 percent in last four straight days.
The Nifty50 rallied 9.2 percent to end at a record closing high of 14,895.70, shying away by 104 points from its new milestone of 15,000.
"The party continues on Dalal Street with FPI flows remaining robust. Even though the rise in the dollar index and crude are dampeners, they are unlikely to impact the positivity generated by a growth-oriented Budget and the flow of impressive corporate results. The bulk of the FII money are flowing into large-cap bluechips, particularly financials," VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services told Moneycontrol.
"Now there is more value in mid-small-caps and results from the segment too have been good. Both Sensex & Nifty are now around 93 percent up from their 2020 March lows. A raging Bull market can pleasantly surprise even the incorrigible optimists," he said.