3 days of sharp market rally makes investors richer by Rs 9.70 lakh crore
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Investors' wealth jumped by Rs 9.70 lakh crore in three days of market rally amid growing optimism following easing geopolitical tensions.On Thursday, the 30-share BSE Sensex jumped 1,000.36 points or 1.21 per cent to settle at 83,755.87. During the day, it surged 1,056.58 points or 1.27 per cent to 83,812.09.In three days, the benchmark has surged 1,859.08 points or 2.27 per cent.The market capitalisation of BSE-listed firms jumped by Rs 9,70,200.71 crore to Rs 4,57,52,700.57 crore (USD 5.34 trillion) in three days."Indian equity markets extended their gains on Thursday supported by strength in metal stocks and easing geopolitical concerns. With geopolitical tensions easing, macroeconomic indicators stabilizing, the broader market appears to be regaining confidence," Gaurav Garg, Analyst, Lemonn Markets Desk, said.From the Sensex constituents, Tata Steel Bajaj Finance , Bharti Airtel, Adani Ports, Eternal, HDFC Bank , Bajaj Finserv, NTPC, Reliance Industries and Axis Bank were among the major gainers.In contrast, Trent, State Bank of India, Tech Mahindra and Maruti were among the laggards.As many as 2,097 stocks advanced while 1,900 declined and 156 remained unchanged on the BSE."The benchmark index reflected strong investor confidence, underpinned by the apparent stability of the Middle East ceasefire, which has eased concerns over potential supply chain disruptions."FIIs continued to pare holdings due to the narrowing yield spread between US and Indian 10-year bonds; DIIs emerged as net buyers, buoyed by improving liquidity conditions and a rebound in domestic consumption," Vinod Nair, Head of Research, Geojit Investments Limited, said.The BSE midcap gauge climbed 0.56 per cent, and smallcap index went up by 0.12 per cent.Among BSE sectoral indices, metal jumped 2.28 per cent, oil & gas (1.88 per cent), energy (1.68 per cent), commodities (1.39 per cent), financial services (1.25 per cent), utilities (1.24 per cent) and power (1.13 per cent).On the other hand, IT, realty and BSE-focused IT were the laggards.
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