Investors’ wealth surged by Rs 8.67 lakh crore in two days of the market rally where the BSE benchmark index Sensex jumped 1,472 points amid a firm trend in global equities. On Tuesday, the 30-share BSE benchmark gauge jumped 1,131.31 points or 1.53 per cent to settle at 75,301.26. During the day, it soared 1,215.81 points or 1.63 per cent to 75,385.76.
In two days, the benchmark has surged 1,472.35 points or 1.99 per cent. The market capitalisation of BSE-listed firms climbed Rs 8,67,540.05 crore to Rs 3,99,85,972.98 crore (USD 4.61 trillion) in two days. On Tuesday alone, investors’ wealth jumped Rs 7 lakh crore following a stellar rally in the markets.
“Benchmark indices extended gains for the second consecutive day on Tuesday, in a broad-based recovery on positive global cues ahead of key central bank meetings across the globe. Broader mid and smallcaps also posted sharp gains for the day. All sectors also posted gains for the day,” Satish Chandra Aluri, Analyst, Lemonn Markets Desk, said.
Positive global cues with global markets extending gains for the second day on rising hopes for a ceasefire deal between Russia and Ukraine along with China stimulus measures helped markets to rally sharply, Aluri noted. “Bargain hunting at lower levels coupled with domestic optimism over strengthening case for more policy easing from RBI helped the sentiment. With most of the domestic worries largely in the price now, global factors ranging from trade war, Russia-Ukraine peace deal coupled with the US Fed rate outlook are key variables to watch in the near term,” he added.
From the Sensex pack, Zomato jumped over 7 per cent. ICICI Bank, Mahindra & Mahindra, Tata Motors, Larsen & Toubro, Asian Paints, Titan, Kotak Mahindra Bank and State Bank of India were among the other big gainers from the pack. However, Bajaj Finserv, Bharti Airtel, Tech Mahindra and Reliance Industries were the laggards.
Among Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory. European equity markets were trading with gains. US markets ended higher on Monday. The BSE smallcap gauge soared 2.73 per cent and the midcap index jumped 2.10 per cent.
All BSE sectoral indices, ended higher where realty surged 2.95 per cent, industrials (2.79 per cent), consumer discretionary (2.76 per cent), capital goods (2.44 per cent), auto (2.42 per cent), power (2.27 per cent), financial services (2.09 per cent) and bankex (1.98 per cent). As many as 2,815 stocks advanced while 1,221 declined and 123 remained unchanged on the BSE.
“Benchmark indices started the session on a positive note and gained from strength to strength as the session progressed. “Market participants will closely monitor the outcome of the upcoming FED and BOJ meetings in tomorrow’s session. The session was firmly in bullish control, with the index opening strong and progressively building on its gains to close higher,” according to Bajaj Broking Research.
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The two factors that have helped pull up the market are hope for a ceasefire deal between Russia and Ukraine and economic stimulus measures in China, said market analysts. Biz News Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
