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Investors’ wealth soared by Rs 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 Rs 5,68,305.56 crore to Rs 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.
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