Stock market uptrend adds over ₹9.76 lakh crore in wealth to investors' kitty in 5 days
Premium- Amid a mixed trend in global equities, market benchmarks marched higher for the fifth straight session today
The continuation of the uptrend in the equity market has added more than ₹9.76 lakh crore in wealth to investors' kitty in five days. The benchmark BSE Sensex surged about 2,265.8 points during this period.
During the five-day rally, the market capitalisation of BSE-listed firms jumped ₹9,76,749.78 crore to ₹2,60,42,730.43 crore, driven by the continued optimism in equities.
The Sensex rose 284.42 points or 0.51% to settle at 55,681.95 points today. During the day, it jumped 340.96 points or 0.61% to 55,738.49.
In five days, the 30-share BSE benchmark has rallied 2,265.8 points or 4.24%.
A rebounding rupee and fresh buying by foreign funds added to the momentum, traders claimed.
IndusInd Bank was the top gainer in the Sensex pack, rising 7.88%, followed by Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, Larsen & Toubro, Axis Bank and Power Grid.
Shares of IndusInd Bank rallied 7.88% after the private lender reported a 60.5% jump in net profit for the April-June quarter.
On the other hand, HDFC Bank, Reliance Industries, Kotak Bank and Dr Reddy's were the losers, sliding up to 1.89%.
MINT PREMIUM See All
"Markets edged higher for the fifth straight session in the backdrop of positive catalysts such as optimism in global markets on easing fears of a very hawkish Fed rate hike, monsoon progressing much faster than previously anticipated, and WTI oil prices tumbling," Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd, stated.
International oil benchmark Brent crude fell 3.58% to $103.2 per barrel.
Foreign institutional investors were net buyers on Wednesday, picking up shares worth ₹1,780.94 crore, as per exchange data. "Investors traded with cautious optimism as gains in oil & gas, power, realty & banking stocks helped markets extend gain for the 5th straight session.
"The return of FIIs into domestic equity markets in the last few sessions coupled with receding commodity prices and hopes that US Fed may not go for aggressive rate hikes in its next meeting has somewhat tempered the fears of investors," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.
The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 (provisional) against the US dollar today following overall weakness in crude oil prices.
With agency inputs
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
More Less