Stock investors gain Rs 1.29 lakh cr as Sensex scales new peak

Investors wealth today surged by Rs 1.29 lakh crore helped by a rally in the BSE benchmark Sensex which rallied to a new lifetime high of 36,749.69.

The 30-share index settled 222.23 points or 0.61 per cent higher at 36,718.60, its record closing level. In intra-day also, the index surged to a record high of 36,749.69.

Led by the overall positive market sentiment, the market capitalisation of BSE-listed companies rose by Rs 1,29,940.11 crore to Rs 148.06 lakh crore.

"Sensex and Nifty had strong day in office on the back of political developments and GST rationalisation on multiple products. The rally was across the board with multiple stocks and sectors showing momentum. If results season continues to be good, markets can catch up some of the lost ground in the coming days," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking.

Among the 30-Sensex constituents, 21 ended with gains led by Vedanta, Adani Ports, ITC and Bharti Airtel.

Sectorwise, the BSE telecom surged 2.47 per cent, FMCG 2.29 per cent, realty 1.90 per cent, metal 1.62 per cent and power 1.48 per cent.

"Reducing GST rates and positive cues from ongoing result season supported the market. Consumption oriented sector inched higher in expectation of improvement in margin and volume growth on account of lower GST rates," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

In the broader market, the mid-cap index rose 1.29 per cent, while small-cap index gained 0.93 per cent.

At the BSE, 1,511 stocks advanced, while 1,089 declined and 176 remained unchanged.