Market rally: Investors richer by over Rs 5.74 trn in two days

Investors have become richer by over Rs 5.74 lakh crore in two days of market rebound, boosted by bargain-hunting and a supportive trend overseas.

The BSE benchmark Sensex zoomed 874.18 points or 1.53 per cent to finish at 57,911.68 on Thursday. Halting its five-day fall on Wednesday, the Sensex had closed 574.35 points or 1.02 per cent higher at 57,037.50.

In tandem with the recovery in equities, the market capitalisation of BSE-listed firms jumped by Rs 5,74,427.92 crore in two sessions to stand at Rs 2,71,77,156.37 crore.

“Positive global clues lifted sentiments for the second straight day. The board-based rally saw buying across different sectors,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

M&M was the top gainer among the Sensex constituents on Thursday, climbing 3.50 per cent, followed by Maruti Suzuki, Bajaj Finserv, Asian Paints, Reliance Industries, Kotak Mahindra Bank, HDFC and TCS.

In the broader market, the BSE smallcap gauge jumped 1.33 per cent while the midcap index gained 1.28 per cent.

As many as 2,303 stocks advanced, while 1,115 declined and 103 remained unchanged.

Among BSE sectoral indices, auto jumped the most by 2.14 per cent, followed by consumer discretionary goods and services (1.60 per cent), finance (1.54 per cent), industrials (1.45 per cent) and IT (1.45 per cent). Metal index was the only laggard.

“Domestic equities witnessed a pullback rally after taking cues from its global peers and buying seen in Nifty heavyweights counter,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor