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Total market capitalisation of stocks listed on the Bombay Stock Exchange (BSE) rose by 3.81 lakh crore on Friday - the first day of the fiscal year FY23, data showed.

Commonly referred to as market cap, market capitalisation is the aggregate valuation of the company based on its current share price and the total number of outstanding stocks.

It is calculated by multiplying the current market price of the company's share with the total outstanding shares of the company.

On Friday, the market cap of the BSE rose to Rs 2,67,88,387 crore from Rs 26,406,971 on Thursday, exchange data showed.

India's key equity indices -- Sensex and Nifty -- started the new financial year with strong gains.

Sensex settled 1.2 per cent or 708 points up at 57,277 points, whereas Nifty was 1.2 per cent or 206 points up at 17,670 points.

"Meanwhile, markets are offering opportunities across sectors so the focus should be on identifying the sectors/themes which are gaining traction and plan the positions accordingly," said Ajit Mishra, Vice President, Research at Religare Broking.

Going ahead, the outcome of the Reserve Bank of India's upcoming monetary policy meeting next week would be the major triggers for the equity market.