Home >Markets >Stock Markets >Investor wealth rises Rs5.78 trillion in 2 days of market gain

Investor wealth surged 5.78 trillion in two days of market rally, supported by positive global cues.

The benchmark index, Sensex closed at 50,193.33, an increase of 1,574.97 points or 3.24%. During the day, it gained 1,694.89 points to touch 50,313.25. The broader index, Nifty closed at 15,108.10 gaining 430.30 points or 2.93%.

Driven by the rally, the market capitalisation of BSE-listed companies soared 5.78 trillion to a record 216.39 trillion in two trading days.

Deepak Jasani, Head of Retail Research, HDFC Securities said "Indian equity benchmark indices rose for a second day on May 18, tracking most Asian peers and closed at a two month high"

"Asian stock markets rose sharply on Tuesday, on bargain-hunting from the recent global market falls amid continuing pessimism about the conronavirus pandemic, on surging commodities prices and the easing U.S. dollar. European stock markets were higher, helped by promises of continued US Fed largesse along with better than expected U.K. employment data fell to 4.8% between January and March, under a tight covid lockdown," he added.

M&M was the lead gainer among the 30-share BSE index stocks, rising 5.91%. Bajaj Auto climbed 5.17%, Titan (4.89%), Bajaj Finance (4.84%) and HDFC Bank (2.57%).

On the other hand, Bharti Airtel, ITC, Dr Reddy's, SBI, and Hindustan Unilever were the laggards.

Except Telecom and FMCG, all BSE sectoral indices closed on a positive note with Auto, Consumer Discretionary, Industrials, Consumer Durables, Capital Goods, and Power rallying up to 3.19%.

Vinod Nair, Head of Research at Geojit Financial Services said "In anticipation of rapid fall in covid cases, the implication of corporate results and favourable Asian markets, the Indian market has reverted with a strongly after the 3 months of muted performance. Global futures indices rose ahead of the release of the Fed's policy minutes, which is due on Wednesday, in anticipation of accommodative outlook"

In the broader market, the midcap and smallcap indices gained up to 1.87%.

Market breadth was positive with 1,946 stocks ending higher against 1144 ending lower on BSE. 164 stocks were unchanged. Number of shares rising to their 52-week highs stood at 312 against 22 touching their 52-week lows. Tracking the positive sentiment in the market, 434 stocks hit their upper circuits against 165 falling to their lower circuits, respectively.

Foreign institutional investors have net bought $4.87 billion in equity and sold $2.12 billion in debt since the beginning calendar year, while domestic institutional investors have net sold 9,195.92 crore worth of stocks, according to data on the exchanges.

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