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Market Rebound Boosts Investor Wealth by Rs 4.58 Lakh Cr

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By Rediff Money Desk, NEWDELHI   Jan 31, 2024 18:06

Indian stock markets witnessed a surge on Wednesday, with the Sensex gaining nearly 1%. Investors' wealth jumped by Rs 4.58 lakh crore due to the rally in equities.
Market Rebound Boosts Investor Wealth by Rs 4.58 Lakh Cr
Photograph: Arko Datta/Reuters
New Delhi, Jan 31 (PTI) With markets making a smart comeback on Wednesday, rising nearly 1 per cent, investors' wealth jumped Rs 4.58 lakh crore.

The 30-share BSE Sensex climbed 612.21 points, or 0.86 per cent, to settle at 71,752.11. During the day, it zoomed 711.49 points, or 1 per cent, to 71,851.39.

Thanks to the rally in equities, the market capitalisation of BSE-listed firms climbed Rs 4,58,130.52 crore to Rs 3,79,78,375.88 crore.

"Short-covering in rate-sensitive stocks ahead of key US Fed policy rate decision and domestic Budget announcement tomorrow (Thursday) triggered a major rally in benchmark indices in a volatile session.

"At a time when valuations are looking stretched and global macro concerns such as slowdown in China and geo-political tensions remain high, investors would resort to profit-taking at regular intervals and also bet on select stocks going ahead," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Among the Sensex firms, Sun Pharma, Tata Motors, Bajaj Finserv, Maruti, State Bank of India, UltraTech Cement, Mahindra & Mahindra, and Power Grid were the major gainers.

Larsen & Toubro declined over 4 per cent after its December quarter earnings. Titan also ended lower from the 30-share pack.

In the broader market, the BSE smallcap gauge rallied 1.83 per cent and the midcap index jumped 1.57 per cent.

Among the indices, healthcare advanced 2.67 per cent, realty climbed 2.29 per cent, auto (1.77 per cent), services (1.60 per cent), commodities (1.48 per cent), power (1.15 per cent), and telecommunication (0.97 per cent).

Industrials and capital goods were the laggards.

"A positive build-up was reflected in Indian markets prior to the interim Budget, although expectations are low, the market anticipates a lower fiscal deficit supported by buoyant tax revenues. The overall trend in the market is akin to a seesaw, and the buy-on-dips strategy is effective as of now," Vinod Nair, Head of Research, Geojit Financial Services, said.
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