Investor wealth surges by Rs 1.78 lakh cr in bullish market
New Delhi: Investor wealth today rose by Rs 1.78 lakh crore, helped by a smart rally in the stock market, where the benchmark Sensex spurted by 611 points -- its biggest single-day gain in two years.
Led by the robust surge in stocks, the total market capitalisation of BSE-listed companies went up by Rs 1,78,393.67 crore to Rs 1,44,52,009 crore. The Sensex surged 610.80 points to end at 33,917.94.
"After 10 per cent correction from the all-time high levels surrounded by whole host of negatives (especially from banking sector), Indian markets had phenomenal day with frontline indices rallying +2 per cent offering much needed cheer and relief to the investors."
Albeit today's rally was on the back of heavy short-covering from large caps, still the market will take it with both hands," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking Limited. From the 30-share Sensex basket, 28 stocks ended with gains led by Bharti Airtel , NTPC, ITC and Tata Motors.
Among sectoral indices, the BSE metal index rose the most by 2.32 per cent. The BSE mid-cap index ended higher by 0.76 per cent and small-cap index 0.56 per cent. "Key benchmark indices started the day on a positive note and extended gains in afternoon trade to hit fresh day's highs as steady buying demand in index pivotals gave a fillip to the wider market.
Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as international trade-war concerns abated and were replaced by economic optimism following a stronger US jobs report released over the weekend," said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.