Active Stocks
Mon May 27 2024 15:59:11
  1. Tata Steel share price
  2. 175.50 0.40%
  1. NTPC share price
  2. 369.60 -1.40%
  1. State Bank Of India share price
  2. 834.10 0.66%
  1. HDFC Bank share price
  2. 1,527.95 0.75%
  1. ICICI Bank share price
  2. 1,129.15 -0.19%
Business News/ Markets / Stock Markets/  Markets rally: Investors richer by 5.68 lakh cr

Markets rally: Investors richer by ₹5.68 lakh cr

The equity market witnessed a smart recovery on Tuesday with BSE Sensex jumping nearly 3 %

The equity market marked a smart recovery on Tuesday with BSE Sensex spiking around 3% (MINT_PRINT)Premium
The equity market marked a smart recovery on Tuesday with BSE Sensex spiking around 3% (MINT_PRINT)

Investors' wealth soared by 5.68 lakh crore on Tuesday driven by a smart recovery in the equity market with benchmark BSE Sensex rallying nearly 3 per cent.

The BSE Sensex jumped 1,564.45 points or 2.70 per cent to settle at 59,537.07. During the day, the benchmark rallied 1,627.16 points or 2.80 per cent to 59,599.78.

The market capitalisation of BSE-listed firms jumped 5,68,305.56 crore to 2,80,24,621.83 crore.

"Strong bounce back in local benchmark indices came on the back of recovery in Asian and European indices. Focus seemed to have shifted from hawkish Fed stance to expectations of a strong Q1 GDP numbers.

"Despite volatility and uncertain global macro environment, the rally shows that India would remain a good long-term bet," Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said.

All the 30-Sensex components ended in the green, with Bajaj Finserv rallying 5.47 per cent followed by Bajaj Finance which jumped 4.86 per cent.

IndusInd Bank, Tech Mahindra, ICICI Bank, Kotak Mahindra Bank, HDFC and Tata Steel were among the other major winners.

In the broader market, the BSE midcap gauge jumped 1.97 per cent and smallcap index climbed 1.40 per cent.

All the BSE sectoral indices ended in the green, with realty rallying 3.51 per cent, bankex advanced 3.33 per cent, finance jumped 3.18 per cent, utilities (2.82 per cent), power (2.82 per cent) and oil & gas (2.65 per cent).

A total of 2,397 stocks advanced, while 1,028 declined and 127 remained unchanged.

"Our markets are showing resilience despite volatile global cues, and a surge in crude oil prices but such kind of rally bewildered everyone," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.

You are on Mint! India's #1 news destination (Source: Press Gazette). To learn more about our business coverage and market insights Click Here!

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less
Published: 30 Aug 2022, 07:03 PM IST
Next Story footLogo
Recommended For You

Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!

Let’s get started