Investors' wealth rises over ₹12.56 lakh cr in 7 days rally; Sensex up 2,544 pts, Nifty gains 771 pts

Investors added impressive gains to their kitty in 7 days as Sensex and Nifty 50 witnessed stellar performances. On Tuesday, Sensex crossed its psychological mark of 60,150, and the Nifty 50 almost neared 17,750 levels. Indian domestic equities are on a winning streak since March 29th. In 7 trading sessions, BSE-listed firms' market cap has skyrocketed by more than ₹12.56 lakh crore.

On Tuesday, Sensex ended at 60,157.72 up by 311.21 points or 0.52%. Nifty 50 climbed by 98.25 points or 0.56% to close at 17,722.30.

BSE-listed equities m-cap stood at over ₹264.51 lakh crore by end of April 11th. Compared to the previous day's print, the m-cap has risen by ₹1,37,628.56 crore.

On April 10th, the m-cap stood at over ₹263.13 lakh crore.

But markets are in green since March 29th. There has been a total of seven trading sessions till April 11th, and markets have gained on all of these days.

Hence, the m-cap of BSE-listed firms has skyrocketed by ₹12,56,510.59 crore in 7 days.

On March 28th, the m-cap was around ₹251.94 lakh crore.

From March 29 to April 11th, Sensex has zoomed by 2,544 points or 4.41%, while Nifty 50 advanced by nearly 771 points or 4.55%.

Among key factors to drive markets in these seven days could be --- positive monthly auto sales data, higher-than-expected PMI manufacturing data, strong quarterly bank, and NBFC numbers, and a cut in windfall tax were the driving factors. Above all, the surprising pause in interest rate hikes by the RBI was the game changer.

RBI kept the repo rate unchanged at 6.5%. It will be the first pause in 11 months. Not just that, RBI also has factored inflation downward at 5.2% for the fiscal year FY24, while GDP growth is projected at 6.5%.

These factors give comfort to investors in equities despite Fed rate hike concerns, US job data, inflationary pressures, and global banks' liquidity crunch.

Vinod Nair, Head of Research at Geojit Financial Services on Tuesday said, "The domestic equity indices showed resilience and remained in positive territory, primarily led by banking and auto stocks on the expectation of strong quarterly earnings following robust business updates."

Going ahead, Nair added, "The forthcoming CPI inflation data due on Wednesday is expected to remain below the RBI’s upper tolerance level of 6%. Meanwhile, in the United States, inflation is projected to decline further from its current level of 6%. The US inflation figures, along with the FOMC meeting minutes, are likely to exert a dominant influence on the global market trend."

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