You are here: Home » Markets » News
Business Standard

Investor wealth jumps over Rs 3 trillion amid stock market rally

Investors' wealth surged by more than Rs 3 lakh crore in morning trade on Wednesday amid bullish market sentiments and the Reserve Bank deciding to leave key interest rate unchanged for the ninth cons

Topics
stock market rally | Indian stock market | stock market trading

Press Trust of India  |  New Delhi 

Stock market, BSE, sensex
Photo: Bloomberg

Investors' wealth surged by more than Rs 3 lakh crore in morning trade on Wednesday amid bullish market sentiments and the Reserve Bank deciding to leave key interest rate unchanged for the ninth consecutive time.

With reports that the new COVID variant Omicron is unlikely to be more severe than the Delta variant, an overall positive sentiment persisted in the global

Sustaining the momentum, the 30-share Sensex was up more than 767 points to 58,401.12 points at around 11 am.

The market capitalisation of BSE-listed companies, a notional indicator of investors' wealth, climbed to little over Rs 2.63 lakh crore. The surge reflects the notional wealth of investors rising by over Rs 3 lakh crore compared to the closing level on Tuesday.

The broader Nifty index gained more than 220 points to 17,401.20 points in the morning trade.

Most of the Asian markets, including Japan and Singapore, recorded gains in stock market.

After the Reserve Bank of India (RBI) maintained status quo on the interest rate and decided to continue with its accommodative stance, most of the rate sensitive stocks remained in the green.

The BSE Bankex index was trading 1.23 per cent higher while the BSE Auto index gained nearly 1 per cent. The exchange's realty index jumped 1.65 per cent.

RBI's Monetary Policy Committee (MPC) decided to leave repo rate unchanged at 4 per cent for the ninth time in a row as well as continue with its accommodative stance in the backdrop of Omicron concerns.

The reverse repo rate will also continue to earn 3.35 per cent for banks for their deposits kept with RBI.

RBI Governor Shaktikanta Das said MPC voted unanimously for keeping interest rate unchanged and decided to continue with its accommodative stance as long as necessary to support growth and keep inflation within the target.

RBI retained its growth projection at 9.5 per cent for the current fiscal despite concerns over Omicron.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Wed, December 08 2021. 13:22 IST
RECOMMENDED FOR YOU
.