Equity investors’ wealth boom 4.73 lakh crore in a two-day market rally amid an overall firming trend in global equities.
Rising for the second consecutive session, the 30-share BSE benchmark Sensex closed 760.37 points or 1.41% higher at 54,521.15 today. The benchmark had jumped 344.63 points, or 0.65%, to 53,760.78 on Friday.
Two days market rally added 4,73,814.1 crore for the market capitalization of BSE-listed firms, which is now 2,55,39,794.75 crores.
Shrikant Chauhan, Head of Equity Research (Retail), Kotak Securities Ltd., said: “Strong global cues strengthened market sentiment as benchmark Sensex closed above psychological 54,000 mark on strong all-round buy support. Recent selloff buoyed market sentiment. Strengthened. Some stocks are attractive, hence traders buy IT, Metals and Telecom stocks.”
Among the Sensex constituents, IndusInd Bank rose the most at 4.36%. Infosys, Tech Mahindra, Bajaj Finserv, Axis Bank, Kotak Mahindra Bank and UltraTech Cement were also the top gainers today.
Major laggards included Dr Reddy’s Lab, HDFC Bank, Mahindra & Mahindra, Maruti, Nestle, Hindustan Unilever and HDFC.
Ajit Mishra, VP – Research, Religare Broking Ltd, said markets are largely mirroring their global counterparts, especially the US, while domestic factors such as macroeconomic data and earnings lead to volatile swings in the middle.
Mishra said, “Markets started the week bullish and gained around 1.5 per cent tracking firm global cues. After the gap began, the benchmark gradually moved higher and finally ended the day’s high. settled around level.” Said further.
Among BSE sectoral indices, IT was the biggest jumper of 3.07%, followed by tech (2.96%), metals (2.72%), banks (2.08%), basic goods (1.97%) and capital goods (1.96%). The place was
FMCG was the only laggard.
At least 2,302 firms advanced, while 1,152 declined and 158 remained unchanged.
Investors will focus on earnings of Reliance Industries, ICICI Bank, Hindustan Unilever and Wirpo this week.
Meanwhile, the rupee eased to 80 against the US dollar for the first time in intra-day trade as crude oil rose 2.18% to $103.4 per barrel.
Foreign Institutional Investors again went into sell mode as they unloaded the stocks of value According to exchange data, Rs 1,649.36 crore in the capital market on Friday.
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