India's market capitalisation nears peak after broader market rally

Though the rally has eased slightly, the m-cap is only 1% shy of a record, despite Nifty being down 6% from its all-time high reached in January

India’s market capitalisation (m-cap) is nearing a new peak even as the benchmark indices and banking stocks, in particular, trade considerably below their record levels.

On Wednesday, the combined m-cap of all BSE-listed companies rose to Rs 160.1 trillion, less than 0.5 per cent below the all-time high of Rs 160.6 trillion seen at the start of the year.

Following losses in the two previous trading sessions, the m-cap has now declined to Rs 159 trillion, but it is only 1 per cent shy of a record.

Interestingly, the m-cap has neared this landmark despite the fact that the Nifty is still down