Investor wealth jumps over Rs 6 lakh crore in two trading days

Source: Shutterstock

Source: Shutterstock

Investor wealth surged Rs 6,02,001.9 crore in two days of market rally which was supported by positive global cues.

The 30-share BSE index on Tuesday closed at 50,136.58, an increase of 1,128.08 points or 2.30 percent. During the day, it gained 1,259.95 points to touch 50,268.45.

On Friday, the benchmark had closed 568.38 points higher. Markets were closed on Monday for Holi.

Driven by the rally, the market capitalisation of BSE-listed companies soared Rs 6,02,001.9 crore to Rs 2,04,77,472.33 crore in two trading days.

“Beating worries of increasing COVID cases and rising bond yields, the domestic market sparked a rally today as investors turned their focus to economic recovery supported by vaccination drives. Positive openings seen in Asian and European markets also helped in boosting optimism in the Indian market,” Vinod Nair, Head of Research at Geojit Financial Services, said.

HDFC Bank was the lead gainer among the 30-share BSE index stocks, rising 4.11 percent. HCL Tech climbed 3.91 percent, Infosys (3.69 percent), Hindustan Unilever Ltd (3.59 percent) and NTPC (3.4 percent).

On the other hand, M&M, Axis Bank and Bharti Airtel were the laggards.

“On Tuesday, Indian equity benchmarks made an optimistic start after coming back from a long weekend holiday, tracking gains in Asian peers,” Vishal Wagh, Research Head at Bonanza Portfolio, said.

In the broader market, the midcap and smallcap indices gained up to 1.30 percent.

All BSE sectoral indices closed on a positive note with IT, teck, metal, healthcare, FMCG, basic materials and finance rallying up to 3.51 percent.