Investors richer by over Rs 10.2 trillion in three-day market rally

Equity investors’ wealth jumped by over Rs 10.19 lakh crore in the three-day market rally to Monday.

On Monday, the 30-share BSE Sensex soared by 1,041.08 points or 1.90 per cent to settle at 55,925.74. In three days, the bechmark has zoomed 2,176.48 points or 4 per cent.

Helped by jump in equities, the market capitalization of BSE-listed firms went up by Rs 10,19,936.84 crore to Rs 2,58,47,092.40 crore in three days.

“Indian markets witnessed a smart rally on the back of positive global cues and early arrival of monsoon giving hopes of slowdown in inflation. On the global front, European and Asian markets edged higher following US market rally on last Friday,” said Siddhartha Khemka. Head – Retail Research at Motilal Oswal Financial Services Ltd.

Among Sensex stocks, Titan rose the most by 4.94 per cent, followed by Mahindra & Mahindra that rallied 4.69 per cent, Infosys by 4.57 per cent, L&T by 3.77 per cent, Tech Mahindra by 3.59 per cent, HCL Technologies by 3.57 per cent, TCS by 3.47 per cent and Reliance Industries by 3.44 per cent.

In the broader market, the BSE midcap index jumped 2.28 per cent and the smallcap index gained 2.23 per cent.

All BSE sectoral indices ended higher, with consumer durables jumping 4.41 per cent, followed by realty (3.96 per cent), Information Technology (3.75 per cent), teck (3.53 per cent), consumer discretionary goods & services (2.85 per cent) and energy (2.72 per cent).

“A near term trend reversal is visible in the domestic market, supported by valuation comfort and positive trend in the global counterparts. US stocks were boosted on softening inflation worries which will be a crucial factor in deciding the tone of the upcoming Fed policy meeting.

“Easing of long-running lockdown in China also helped in lifting sentiments across Asian markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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