Investors’ wealth rose by over Rs 7.41 lakh crore in four trading days amid the stock market rally and the benchmark BSE Sensex reclaiming the 60,000-level on Wednesday.
In the four days, the 30-share benchmark index has jumped 1,442.84 points or 2.45 per cent.
On Wednesday, the key index reclaimed the 60,000-level after a gap of over four months.
Mirroring the rally in equities, the market capitalisation of BSE-listed firms jumped Rs 7,41,534.44 crore to Rs 2,79,85,821.38 crore in the four trading days.
The four trading days are from August 11 (Thursday) to August 17 (Wednesday). The market was closed on Monday on account of Independence Day.
“Bulls on Dalal Street kept the momentum going as the Sensex zoomed past the psychological 60,000-mark and the Nifty inched towards 18,000 level on the back of softening inflation and strong FII buying in the current month.
“While global factors remain hazy, India is seen as a bright spot in today’s challenging times,” Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.
Softening crude oil prices and persistent foreign fund inflows have added to the momentum.
“Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets.
“Declining commodity and oil prices also instilled confidence in foreign investors,” Vinod Nair, Head of Research at Geojit Financial Services, said.
On Wednesday, Bajaj Finserv was the biggest gainer in the Sensex pack, climbing 5.74 per cent, followed by Bajaj Finance, Bharti Airtel, Tech Mahindra, HCL Technologies, NTPC and HUL.
On the other hand, Mahindra & Mahindra, UltraTech Cement, Maruti, Tata Steel, Kotak Bank, Power Grid and Titan ended lower.
In the broader market, the BSE midcap gauge climbed 0.64 per cent and the smallcap index advanced 0.53 per cent.