Mumbai: The combined market capitalisation of all companies listed on the BSE crossed ?500 lakh crore for the first time Thursday, reaching around ?502 lakh crore ($5.31 trillion) amid a broad-based rally in equities and a steady addition of newly listed companies.
It took 622 trading sessions for the total mcap to rise from ?400 lakh crore, first crossed on April 8, 2024, to the latest milestone. The mcap first crossed ?100 lakh crore on March 12, 2014, and took 1,494 sessions to reach ?200 lakh crore on February 4, 2021. The ?300 lakh crore milestone was reached on July 6, 2023, after another 586 sessions, while the subsequent rise to ?400 lakh crore took 181 sessions.
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The latest milestone is significant because it comes even as the benchmark Sensex and several broader market indices remain below their record highs. The Sensex is still 7.6% below its peak of 85,836, recorded on September 26, 2024.
The BSE MidCap 150 is 5.3% below its record of 17,373, reached on August 26, 2026, while the BSE SmallCap 250 is 8.4% below its peak of 7,514, recorded on September 23, 2024. The BSE MicroCap 250 is 7% below its record of 19,988, reached on September 8, 2026.
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A steady stream of initial public offerings (IPOs) has also contributed to the expansion of the overall mcap, even as several benchmark indices remain below their peaks. In 2024, 94 companies made their mainboard debut, adding around ?12 lakh crore to mcap on their listing days. In 2025, 115 companies listed, adding nearly ?14 lakh crore, while 107 companies have listed so far in 2026, adding above ?25 lakh crore.
"The large number of IPOs has added to the overall mcap. At the same time, several companies outside the main indices have participated in the rally, helping total mcap reach a record even as major indices remain below their peaks," said Ankur Punj, MD, Equirus Wealth.The latest milestone has also coincided with a sharp recovery in equities. The Sensex and Nifty have gained more than 8.1% each in six consecutive sessions. The BSE MidCap 150 has advanced over 8.4% in eight of the past nine sessions, while the BSE SmallCap 250 has risen around 7% in seven of past eight sessions.
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The rally has been supported by a decline of more than 19% in crude oil prices over the past three sessions, easing concerns over inflation, India's import bill and the rupee. Strong foreign portfolio investor (FPI) buying, with net inflows of over $3.4 billion in the past 12 sessions, positive global cues, reduced uncertainty following the US midterm elections and better-than-expected second-quarter earnings have also lifted investor sentiment.
"The momentum could continue in the near term if crude prices remain stable at lower levels and foreign inflows sustain. However, investors should remain cautious as geopolitical developments, crude price volatility and profit booking after the sharp rally could limit further upside," said Ravi Singh, chief research officer at Master Capital Services.
