Dalal Street Investors Become Richer by Rs 6 Lakh Crore as Markets Rally – News18

Investors’ wealth climbed Rs 6 lakh crore on Monday, with the BSE Sensex rallying practically 2 per cent, pushed by heavy shopping for in Reliance Industries and a rally in Asian markets. The 30-share BSE Sensex jumped 1,240.90 factors or 1.76 per cent to settle at 71,941.57. During the day, it soared 1,309.55 factors or 1.85 per cent to 72,010.22.

The market capitalisation of BSE-listed corporations jumped Rs 6,08,556.11 crore to Rs 3,77,20,679.19 crore (USD 4.53 trillion). “Firm global cues lifted the domestic market sentiment, as the broad-based rally pushed the benchmark Sensex above the psychological 72,000-mark towards the closing stage led by RIL which scaled a fresh record high. After last week’s major sell-off triggered by FII selling, further short-covering coupled with recovery in global indices aided renewed optimism in the markets today,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, stated.

Among the Sensex corporations, Reliance Industries jumped practically 7 per cent, contributing probably the most to the rally in markets. Tata Motors, Power Grid, Larsen and Toubro, Kotak Mahindra Bank, NTPC, Titan and ExtremelyTech Cement had been the opposite main gainers.

ITC, Infosys, JSW Steel, Tech Mahindra and Tata Consultancy Services had been the laggards. In Asian markets, Seoul, Tokyo and Hong Kong settled within the optimistic territory whereas Shanghai ended decrease.

“The domestic market underwent an upturn as the recent sell-off and positive Asian peers provided an opportunity to accumulate quality stocks. Despite premium valuations, confidence is upheld among investors due to the optimistic environment surrounding the interim budget and the recent set of results aligning with forecasts. “Globally, the upcoming Fed policy stands out as a crucial factor. While a rate cut by the FOMC is unlikely, investors will eagerly monitor their commentary to get cues on future rate paths,” Vinod Nair, Head of Research at Geojit Financial Services, stated.

In the broader market, the BSE midcap gauge climbed 1.68 per cent and smallcap index rallied 1.03 per cent. Among the indices, vitality jumped 5.29 per cent, oil & gasoline zoomed 4.94 per cent, energy (3.03 per cent), providers (2.82 per cent), capital items (2.13 per cent), industrials (2.17 per cent) and shopper durables (1.93 per cent).

FMCG, IT and teck had been the laggards. A complete of two,266 shares superior whereas 1,654 declined and 141 remained unchanged.

“Domestic market started the week on a buoyant note with renewed buying seen in Index heavyweights. This week two important events are scheduled for Thursday – interim budget and US FED meeting, which could induce some volatility,” Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services Ltd, stated.

(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – PTI)