Investor wealth today swollen by over Rs 1 lakh crore on all-round buying in stock market after credit rating agency Moody's said India's outlook is stable and agreement over debt relief package to Greece that boosted markets globally.
Total investor wealth moved up by Rs 1,06,767 crore to Rs 65,94,019.45 crore. Buying was so strong that all 13 sectoral indices closed with gains of up to 3.2%.
Of the 30 Sensex stocks, 28 scrips registered gains and only NTPC and ONGC closed with minor losses. "Positive international cues and reaffirmation of stable outlook on India by Moody's sentimentally aided the rise in the markets," Inventure Growth & Securities, Head Research, Milan Bavishi said. Moody's said today that the outlook on its Baa3 rating for India is stable, in part due to the country's high savings and investment rates. The eurozone and IMF threw a new lifeline to Greece releasing funds to avert bankruptcy and admitting that help to reduce debt will be needed for years.