Sunday, June 26, 2022

Investors richer by over Rs 10.19 lakh crore in 3-day rally

Equity investors' wealth jumped by over Rs 10.19 lakh crore in the three-day market rally to Monday as the 30-share BSE Sensex soared by 1,041.08 points

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New Delhi: 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 percent to settle at 55,925.74. In three days, the benchmark has zoomed 2,176.48 points or 4 percent.

Helped by jump in equities, the market capitalisation 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 the early arrival of monsoon giving hopes of the slowdown in inflation. On the global front, European and Asian markets edged higher following the US market rally last Friday,” said Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd.

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

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

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

“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,” Vinod Nair, Head of Research at Geojit Financial Services, said.

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