Investor wealth rises Rs 2.71 lakh crore in two days of market gain

NEW DELHI: Investor wealth rose by Rs 2.71 lakh crore in two days of stock market gain. Equity markets registered gains for the second straight day on Tuesday, with the 30-share BSE Sensex closing at 38,528.32, up 477.54 points or 1.26 per cent.Following the upbeat sentiment, the market capitalisation of the BSE-listed companies jumped Rs 2,71,541.13 crore to Rs 1,54,11,199.53 crore.

“US-China political tensions and the uncertainties over the US stimulus package kept global markets on edge,” said Vinod Nair, head of research at Geojit Financial Services.

He added that in India, investors took comfort in the expectation of government spending to offset the impact of the lockdown, and the progress of monsoon and its relation to the rural economy also improved sentiments. “Gains were led by the banking index.”

In the broader market, BSE Midcap and Smallcap indices gained up to 1.30 per cent.

Among sectoral indices, BSE realty, bankex, basic materials, finance and consumer durables surged up to 4.19 per cent.

UltraTech Cement was the biggest gainer in the Sensex pack, rising over 3 per cent, followed by Kotak Bank, ICICI Bank, Tata Steel, HDFC Bank and Asian Paints.

“Markets extended yesterday’s (Monday’s) upmove and gained over a per cent amid volatility,” Ajit Mishra, vice-president (research), Religare Broking Ltd, said.

He added that after opening on a flat note, the Sensex inched higher tracking healthy buying in select heavyweights, however the actual momentum was triggered by banking and financial stocks in the latter half.

On the BSE, 1,877 companies advanced in Tuesday’s trade, while 915 declined and 139 remained unchanged.

Credit: Stocks-Markets-Economic Times

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