Market Rally Adds Rs 8.30 Lakh Cr to Investor Wealth
By Rediff Money Desk, New Delhi Sep 23, 2024 17:26
Indian stock market witnesses a three-day rally, boosting investor wealth by Rs 8.30 lakh crore. Sensex hits all-time high, driven by optimism over US Fed rate cut.
New Delhi, Sep 23 (PTI) Investors' wealth climbed Rs 8.30 lakh crore in three days of record-breaking market rally amid continued optimism over the US Fed rate cut.
Rallying for the third day running on Monday, the 30-share BSE Sensex jumped 384.30 points or 0.45 per cent to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points or 0.51 per cent to hit a fresh lifetime intra-day peak of 84,980.53.
In three days, the benchmark has jumped 1,980.38 points or 2.38 per cent.
The market capitalisation of BSE-listed firms surged Rs 8,30,975.85 crore to Rs 4,76,03,923.17 crore (USD 5.70 trillion) in three days.
"Investors extended their buying support for the third straight session as benchmark indices hit fresh highs amid gains in telecom, banking, realty and oil & gas shares," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
From the 30 Sensex firms, Mahindra & Mahindra, State Bank of India, Bharti Airtel, Kotak Mahindra Bank, Hindustan Unilever, UltraTech Cement, Tata Steel and Adani Ports were the biggest gainers.
ICICI Bank, IndusInd Bank, Asian Paints, Tech Mahindra, HCL Technologies, Infosys, Tata Consultancy Services and Larsen & Toubro were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 14,064.05 crore on Friday, according to exchange data.
"The euphoria from the Fed rate cut continued to lift the domestic market," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE midcap and smallcap indices climbed 0.73 per cent each.
Among indices, oil & gas jumped 2.23 per cent, realty by 2.07 per cent, telecommunication by 1.93 per cent, energy by 1.80 per cent, auto by 1.46 per cent, consumer durables by 1.39 per cent, consumer discretionary by 1.22 per cent and utilities by 0.92 per cent.
BSE IT emerged as the only loser.
A total of 2,382 stocks advanced while 1,731 declined and 120 remained unchanged on the BSE.
Rallying for the third day running on Monday, the 30-share BSE Sensex jumped 384.30 points or 0.45 per cent to settle at an all-time high of 84,928.61. During the day, it soared 436.22 points or 0.51 per cent to hit a fresh lifetime intra-day peak of 84,980.53.
In three days, the benchmark has jumped 1,980.38 points or 2.38 per cent.
The market capitalisation of BSE-listed firms surged Rs 8,30,975.85 crore to Rs 4,76,03,923.17 crore (USD 5.70 trillion) in three days.
"Investors extended their buying support for the third straight session as benchmark indices hit fresh highs amid gains in telecom, banking, realty and oil & gas shares," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
From the 30 Sensex firms, Mahindra & Mahindra, State Bank of India, Bharti Airtel, Kotak Mahindra Bank, Hindustan Unilever, UltraTech Cement, Tata Steel and Adani Ports were the biggest gainers.
ICICI Bank, IndusInd Bank, Asian Paints, Tech Mahindra, HCL Technologies, Infosys, Tata Consultancy Services and Larsen & Toubro were among the laggards.
Foreign Institutional Investors (FIIs) bought equities worth Rs 14,064.05 crore on Friday, according to exchange data.
"The euphoria from the Fed rate cut continued to lift the domestic market," Vinod Nair, Head of Research at Geojit Financial Services, said.
The BSE midcap and smallcap indices climbed 0.73 per cent each.
Among indices, oil & gas jumped 2.23 per cent, realty by 2.07 per cent, telecommunication by 1.93 per cent, energy by 1.80 per cent, auto by 1.46 per cent, consumer durables by 1.39 per cent, consumer discretionary by 1.22 per cent and utilities by 0.92 per cent.
BSE IT emerged as the only loser.
A total of 2,382 stocks advanced while 1,731 declined and 120 remained unchanged on the BSE.
Source: PTI
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