Home / Markets / Stock Markets /  Equity investors' wealth rose over 4.73 lakh cr in 2-day market rally

Equity investors' wealth jumped by over 4.73 lakh crore in the two-day market rally amid an overall firm trend in global equities.

Rising for a second straight session, the 30-share BSE benchmark Sensex surged 760.37 points or 1.41% to settle at 54,521.15 today. On Friday, the benchmark had jumped 344.63 points or 0.65% to 53,760.78.

Two days of market rally has added 4,73,814.1 crore to the market capitalisation of BSE-listed firms, which now stands at 2,55,39,794.75 crore.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said: "Firm global cues bolstered market sentiment as the benchmark Sensex closed above the psychological 54,000-mark on strong all-round buying support. The recent sell-off had made some stocks attractive, hence traders bought IT, metals & telecom stocks."

Among Sensex constituents, IndusInd Bank rose the most by 4.36%. Infosys, Tech Mahindra, Bajaj Finserv, Axis Bank, Kotak Mahindra Bank and UltraTech Cement were also among 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 like macroeconomic data and earnings cause volatile swings in between.

"Markets started the week on a buoyant note and gained nearly one and a half per cent, tracking firm global cues. After the gap-up start, the benchmark gradually inched higher as the day progressed and finally settled around the day’s high," Mishra further said.

Among BSE sectoral indices, IT jumped the most by 3.07%, followed by teck (2.96%), metal (2.72%), bank (2.08%), basic materials (1.97%) and capital goods (1.96%).

FMCG was the only laggard.

Around 2,302 firms advanced, while 1,152 declined and 158 remained unchanged.

Investors will be focusing on earnings from heavyweights Reliance Industries, ICICI Bank, Hindustan Unilever and Wirpo this week.

Meanwhile, the rupee slid to the 80 level against the US dollar for the first time in intra-day trade as crude oil rebounded by 2.18% to $103.4 per barrel.

Foreign institutional investors went in selling mode again as they offloaded shares worth 1,649.36 crore in the capital market on Friday, according to exchange data.

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