Indian Stocks Rebound, Investors Gain ₹7.51 Lakh Cr
Oct 08, 2024 19:51
Indian stock markets rebounded on Tuesday, with the Sensex climbing nearly 585 points. Investors wealth soared by ₹7.51 lakh crore due to value buying in blue-chip stocks.
New Delhi, Oct 8 (PTI) Investors wealth soared by Rs 7.51 lakh crore on Tuesday, where markets snapped the six-day losing run with benchmark Sensex climbing nearly 585 points on the back of value buying in blue-chips like HDFC Bank, Reliance Industries and Mahindra & Mahindra.
The market capitalisation of BSE-listed firms surged Rs 7,51,481.51 crore to Rs 4,59,50,926.21 crore (USD 5.47 trillion).
Snapping the six-day losing run, the 30-share BSE Sensex rose by 584.81 points or 0.72 per cent to close at 81,634.81. During the day, it surged 713.28 points or 0.88 per cent to hit an intraday high of 81,763.28.
"Markets reversed its 6-session losing streak due to short covering by investors in banking, telecom, auto and realty stocks," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
The recovery was seen despite weak cues from Asian and European markets, although the short to medium term domestic market outlook remains hazy amid FPI sell-offs and lingering West Asia conflict.
All eyes will be on the RBI's credit policy outcome on Wednesday, although there are expectations that the central bank could maintain the status quo on interest rates, he added.
From the Sensex pack, Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the major gainers.
In contrast, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors and Tata Consultancy Services were among the laggards.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,000.68 crore, according to exchange data.
A total of 2,969 stocks advanced, while 983 declined and 93 remained unchanged on the BSE.
In the past six trading sessions, the 30-share BSE Sensex tanked 4,521.85 points or 5.28 per cent. The market capitalisation of BSE-listed firms plummeted by a massive Rs 25.16 lakh crore to Rs 4,51,99,444.70 (USD 5.38 trillion) since September 27, 2024.
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