Investors richer by over Rs 9 trn in three days of market rally
Investors’ wealth grew by over Rs 9 trillion in three days of sharp rally in the equity market.
The 30-share BSE benchmark Sensex jumped 712.46 points or 1.25 per cent to settle at 57,570.25 on Friday.
In three days, the benchmark has climbed 2,301.76 points or 4.16 per cent.
The three-day buoyant trend in equities have added Rs 9,03,574.58 crore to the market capitalisation of BSE-listed firms which now stands at Rs 2,66,58,604.02 crore.
“Domestic equities continued its northward journey for the third consecutive day on the back of healthy corporate earnings and positive global cues,” Siddhartha Khemka, Head – Retail Research of Motilal Oswal Financial Services Ltd, said.
Softening commodity prices, reduced intensity of Foreign Institutional Investors (FIIs) selling and better-than-expected earnings season have led to the recovery in the markets, analysts said.
“Markets traded robust for yet another session and gained over a per cent,” Ajit Mishra, VP – Research at Religare Broking Ltd, said on Friday.
In the broader market, the BSE smallcap gauge jumped 1.38 per cent and midcap index climbed 1.01 per cent on Friday.
Among Sensex constituents, Tata Steel, Sun Pharma, Bajaj Finserv, IndusInd Bank, Infosys, Asian Paints, Reliance Industries and Bajaj Finance were the biggest gainers.
Dr Reddy’s, Kotak Mahindra Bank, State Bank of India, ITC and Axis Bank were the laggards.
All the BSE sectoral indices ended in the green, with metal climbing the most by 4.59 per cent, followed by energy (2.41 per cent), basic materials (2.30 per cent), oil & gas (2.21 per cent), IT (1.71 per cent), teck (1.68 per cent) and consumer durables (1.47 per cent).
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Comments are closed.