Investors earn around ₹13.71 lakh cr in 8 days of markets winning streak
3 min read . Updated: 12 Apr 2023, 05:34 PM IST
PremiumOn the eighth consecutive session of market rally, investors gained a total of ₹13.71 lakh crore on BSE on Wednesday. Listed companies registered a single day rise of ₹1.14 lakh crore on Wednesday.
Investors continued to make some significant gains in their portfolios as the stock market remained bullish for the eighth consecutive day on Wednesday. Crossing its psychological mark, Sensex closed at 60,392 points and Nifty 50 closed at around 17,812 levels. Continuing their winning streak since March 29, the market capitalisation of BSE-listed firms was swollen by more than ₹13.71 lakh crore to ₹265.65 lakh crore on Wednesday.
Sensex hiked by 235 points and closed the day just below 60,400 at 60,392 points. Whereas, NIFTY climbed by 90 points and ended at 17,812 points.
BSE-listed equities market capitalisation was ₹264.51 lakh crore by the end of the trading session on April 11. The market capitalisation rose to ₹265.65 lakh crore by the end of the trading session on April 12. With this, BSE-listed companies registered a single-day rise of ₹1.14 lakh crore on Wednesday.
Also Read: Live updates on TCS Q4 results
With this, markets have continued their winning streak for the eighth consecutive day and ended in green on Wednesday. On March 28, the market cap was around ₹251.94 lakh crore. From March 29 to April 12th, Sensex has zoomed by 2,779 points to 60,392, while Nifty 50 advanced by nearly 861 points at 17,812.
Other than that, a total of 3,615 stocks were traded on BSE on Wednesday. During the trading session, 2,067 stocks advanced whereas 1,435 stocks declined. A total of 113 stocks remained unchanged. Around 10 stocks traded in the upper circuit, and 2 stocks were trading in the lower circuit.
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Just like the Sensex, 112 stocks break the record and were trading on their 52-week high, and 21 stocks sank below their 52-week low mark on Wednesday.
One of the main reasons behind the eighth trading session of gains for the Nifty and Sensex could be a stable global outlook, short covering in the F&O markets by FII, etc. Investors are keenly waiting for the big companies to announce their Q3 earnings in the week. TCS released its quarterly earnings for the last quarter of FY23 on Wednesday. Market experts believe that the market optimism is being driven by IT sector. However, sticky core inflation spill-over effect of banking crisis, and slowing economic environment will continue to concern market investors.
Santosh Meena, Head of Research, Swastika Investmart Ltd, said, “It was the eighth straight session of gains for the Nifty and Sensex thanks to stable global cues, buying in the cash market, and short covering in the F&O market by FIIs. Nifty Pharma showed some muscle today on the back of rising exports and fresh worries about COVID-19. In addition, fertiliser and sugar stocks were doing well in the broader market. The market will digest lots of cues at its opening tomorrow, where the inflation numbers of the USA and ours will be a key factor and the results of TCS will be another important factor."
“The domestic market exhibited cautiousness in anticipation of the release of various economic data and the upcoming Q4 earnings season. The IT sector drove the optimism in the market as investors await the earnings releases of sector majors. Despite expectations of a cooling down of CPI inflation to below the RBI's upper tolerance level, the persistence of sticky core inflation remains a concern," said Vinod Nair, Head of Research at Geojit Financial Services.
Mitul Shah of Head of Research at Reliance Securities said, “Investors await the earnings outcome of the March quarter which will start trickling in from this week. The 4QFY23 earnings season begins this week with TCS due to report today followed by Infosys tomorrow. Investors will closely watch out for management commentary on the demand environment for Indian IT services in the backdrop of the banking crisis and the slowing economic environment. The March inflation and the February IIP data are also awaited."
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