ALSO READMassive selling in stock market wipes off investor wealth by Rs 2.6 lakh cr Investor wealth plunges Rs 1.43 lakh-cr as stocks nosedive nearly 260 pts Turbo-charged Bulls take Nifty past 11k, Sensex past 36k on IMF forecast Market capitalisation: Investor wealth falls Rs 1.78 lakh cr as stocks tank
Investor wealth rose by over Rs 1 trillion today as the stock market boomed and the BSE Sensex surged past the 36,000-level for the first time. At close of trade today, the total market capitalisation (m-cap) of BSE-listed companies surged by Rs 1.08 trillion to Rs 1.56 trillion. The 30-share index settled at 36,139.98, up 341.97 points, or 0.96 per cent. In the intra-day trade, it touched lifetime high of 36,170.83. "If it was metals turn to keep the market juggernaut running, banks also joined the rally, amidst global positivity as well as comforting earnings. IMFs GDP forecast also proved to be a booster," said Anand James, Chief Market Strategist, Geojit Financial Services. "The Sensex added thousand points in just four trading days to cross 36,000 as FIIs turned net buyers. Nifty too breached the 11,000 mark.
No major earnings disappointments reported so far and we seem set for an earnings recovery after five consecutive flat years," said B Gopkumar, Executive Director & CEO , Reliance Securities. The Sensex took just five trading sessions to surpass the 36,000-level milestone, from 35,000. "The current market euphoria can continue at least till the union budget led by the strong consumption pattern and better than expected performance from IT and banking companies specially private sector banks," said Nitasha Shankar, Sr Vice President and Head of Research, YES Securities. From the 30-share index, 24 stocks ended with gains led by SBI, Tata Steel, ONGC and ICICI Bank. On sectoral basis, BSE metal index gained the most by rising 4.29 per cent, followed by PSU 2.15 per cent and oil & gas 1.93 per cent. On BSE, 1,348 stocks advanced, while 1,578 declined and 138 remained unchanged. "The markets are celebrating the long-awaited earnings revival. Despite the low base, the quarterly results so far have been encouraging; be it banks, FMCG, consumer discretionary or IT, almost all have delivered ahead of expectations," said Arun Thukral, MD and CEO of Axis Securities. "The management commentary too has been positive and the consumption-led demand is back on the track. The fund flows from both domestic as well as foreign institutions have been positive," he said.