Bull run: Investors richer by Rs 10 lakh cr in nine days of rally
The market capitalisation of BSE-listed firms jumped Rs 10,00,028 crore to Rs 4,64,39,993.77 crore (USD 5.54 trillion) in nine trading days.
PTI
BSE bull outside BSE Building (PTI)
NEW DELHI: Investors' wealth went up by Rs 10 lakh crore in nine days of rally where the BSE Sensex surged over 2 per cent.
Markets have been rallying amid renewed US rate cut hopes and buying support by domestic investors.
In nine days of rally, the BSE benchmark soared 1,941.09 points or 2.41 per cent.
Rallying for the ninth straight session on Friday, the 30-share BSE benchmark climbed 231.16 points or 0.28 per cent to settle at an all-time closing high of 82,365.77. During the day, it jumped 502.42 points or 0.61 per cent to hit a record intra-day peak of 82,637.03.
The market capitalisation of BSE-listed firms jumped Rs 10,00,028 crore to Rs 4,64,39,993.77 crore (USD 5.54 trillion) in nine trading days.
"Benchmark indices scaled new highs in a positive trading session on the back of broad-based buying support, as hopes of a rate cut by the US Fed next month after last week's Jackson Hole meeting has made investors more confident," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
On the weekly front, the BSE benchmark jumped 1,279.56 points or 1.57 per cent.
"Global markets are currently resonating with the US Fed's pledges of a rate cut in September. The US & Indian markets have regained the recent highs, reflecting the continuation of this optimism," Vinod Nair, Head of Research at Geojit Financial Services, said.
On Friday, a total of 2,228 stocks advanced, while 1,701 declined and 116 remained unchanged on the BSE.
Among the 30 Sensex firms, Bajaj Finance, Mahindra & Mahindra, NTPC, Bajaj Finserv, Bharti Airtel and Power Grid were the biggest gainers.
On the other hand, Tata Motors, Reliance Industries, Tech Mahindra and ITC were among the laggards.
In the broader market, the BSE smallcap gauge jumped 0.75 per cent, and the midcap index climbed 0.53 per cent.
All indices ended higher. Realty surged 1.88 per cent, healthcare jumped 1.41 per cent, utilities (0.77 per cent), commodities (0.70 per cent), teck (0.63 per cent) and services (0.61 per cent).
"Continuation of accumulation of quality large-caps by the DIIs (Domestic Institutional Investors) and HNIs and the FIIs reducing their selling significantly and buying on certain days have contributed to the resilience of the market," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
