New Delhi: Investor wealth on Monday rose by Rs 1.78 lakh crore, helped by a smart rally in the stock market, where the benchmark Sensex spurted by 611 points -- its biggest single-day gain in two years. Led by the robust surge in stocks, the total market capitalisation of BSE-listed companies went up by Rs 1,78,393.67 crore to Rs 1,44,52,009 crore. The Sensex surged 610.80 points to end at 33,917.94.
"After 10 percent correction from the all-time high levels surrounded by whole host of negatives (especially from banking sector), Indian markets had phenomenal day with frontline indices rallying +2 percent offering much needed cheer and relief to the investors.
"Albeit today's rally was on the back of heavy short-covering from large caps, still the market will take it with both hands," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking Limited. From the 30-share Sensex basket, 28 stocks ended with gains led by Bharti Airtel, NTPC, ITC and Tata Motors. Among sectoral indices, the BSE metal index rose the most by 2.32 percent.
The BSE mid-cap index ended higher by 0.76 percent and small-cap index 0.56 percent. "Key benchmark indices started the day on a positive note and extended gains in afternoon trade to hit fresh day's highs as steady buying demand in index pivotals gave a fillip to the wider market.
Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as international trade-war concerns abated and were replaced by economic optimism following a stronger US jobs report released over the weekend," said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.
Firstpost is now on WhatsApp. For the latest analysis, commentary and news updates, sign up for our WhatsApp services. Just go to Firstpost.com/Whatsapp and hit the Subscribe button.
Updated Date: Mar 12, 2018 19:41:16 IST