Investors wealth climbs over Rs 2.27 lakh crore as markets rally


NEW DELHI : Investors were over Rs 2.27 billion richer on Monday as shares rallied with the BSE Sensex gaining over 1 per cent amid continued overseas fund inflows and upbeat global markets.
The 30-part BSE Sensex rose 709.96 points, or 1.16 percent, to 61,764.25. Over the day, it zoomed 799.9 points, or 1.31 percent, to 61,854.19.
After the rally, the market capitalization of BSE listed companies increased by Rs 2,27,794.46 crore to Rs 2,76,06,443.06 crore.
Foreign institutional investors (FIIs) were net buyers on Friday as they bought shares worth Rs 777.68 crore, according to stock market data.
“Markets erased all of Friday’s losses as bulls took over the positive baton from a strong finish on Wall Street amid upbeat US jobs data. Real estate, auto and banking stocks were standout outperformers, sparking a strong rally in benchmark indices,” said Prashanth Tapse. Senior Vice President (Research), Mehta Equities Ltd.
The BSE benchmark was down 694.96 points, or 1.13 percent, to 61,054.29 on Friday. The Nifty fell 186.80 points, or 1.02 percent, to end at 18,069.
“While the underlying tone remained bullish, last Friday’s upbeat US market close further boosted local market sentiment. Hopes that the rate hike cycle is peaking and US banking woes are easing have kept investors stuck in interest rate-sensitive bank stocks, autos and real estate as strong monthly sales numbers point to a decent recovery,” said Shrikant Chouhan, Head of Equity Research (Retail ), Kotak Securities Ltd.
Among Sensex firms, IndusInd Bank rose 4.92 percent. The other winners were Tata Motors, Bajaj Finance, Bajaj FinservNTPC, HCL Technologies, Mahindra & Mahindra, Axis Bank, Maruti and Kotak Mahindra Bank.
Value purchases in index heavyweights Reliance Industries and HDFC Bank also added momentum.
In the broader market, BSE mid-caps were up 0.94 percent and small-caps were up 0.56 percent.
Among the indices, autos were up 1.71 percent, real estate was up 1.54 percent, Bankex (1.50 percent), financial services (1.46 percent), consumer discretionary (1.08 percent) and services (0.93 Percent).
Only the BSE index for consumer durables ended lower.
“Indian equities gained confidence on strong domestic earnings and easing worries about US economic slowdown after robust jobs data. The recent weakness in the US dollar is attracting more foreign funds into the domestic market, with FIIs remaining net buyers for seven straight days,” said Vinod Nair, director of research at Geojit Financial Services.

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