Investors' wealth jumps Rs 7.71 lakh cr as stock markets recover on global cues after two days of fall
Investor wealth on Tuesday jumped Rs 7,71,377 crore as markets bounced back after two days of fall, tracking a broad-based rally in global equities
New Delhi: Investor wealth on Tuesday jumped Rs 7,71,377 crore as markets bounced back after two days of fall, tracking a broad-based rally in global equities.
The Sensex gained 2,476.26 points to close at 30,067.21 after resuming trading on Tuesday.
Following rise in equities, the market capitalisation of the BSE-listed firms zoomed Rs 7,71,377.02 crore to Rs 1,16,38,099.98 crore.
Equity markets were closed on Monday for 'Mahavir Jayanti'.
"The bears loosened their grip on the Indian markets on Tuesday as the indices clocked their biggest single-day gain in over a decade. Tracking the buoyant global cues as there are signs of COVID-19 plateauing in certain parts of the globe, the Nifty ended higher by 8.8 percent at 8,792 points," Ajit Mishra, vice-president (research), Religare Broking Ltd, said.
Heavyweights Reliance Industries Ltd and HDFC Bank were the biggest contributor in the market rally, rising nearly 12 percent and 10 percent, respectively.
All Sensex components ended on a positive note where IndusInd Bank was the top gainer surging nearly 23 percent, followed by Axis Bank, Mahindra and Mahindra and ICICI Bank.
The 30-share BSE barometer had plummeted 674.36 points or 2.39 percent to close at 27,590.95 on Friday.
Markets rose on Tuesday, largely tracking recovery in global equities.
"Indian equities are significantly up today (on Tuesday), following positive cues from global markets, consecutive days of decline in intensity of COVID-19 cases and reports from the banking sector on healthy growth in advances as well as comfortable deposit position.
"However, this big up move is on a smaller base vis- -vis where markets were around three months back," said Amar Ambani, senior president and head of research, YES Securities.
In the broader market, the BSE Midcap and Smallcap indices rose by 5.40 percent and 4.13 percent, respectively.
All the sectoral indices on the BSE also closed with gains led by bank, energy, telecom and healthcare indices.
Former India captain and batsman Sachin Tendulkar wrote on social media that he's in home quarantine after testing COVID-19 positive.
Florenzi and Verratti were both part of the Italian squad on the recent international break.
The coronavirus caseload has been on the rise in the country with more than 70,000 new infections reported in the country on Thursday.