Investor wealth jumps Rs 3.35 trillion in two days of market rally

Investor wealth jumps Rs 3.35 trillion in two days of market rally
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Investors have gained Rs 3,35,770.71 crore in two days of market rally, with the scaling its fresh lifetime peak on Wednesday.

Rising for the second day, the 30-share BSE benchmark jumped 476.11 points or 0.82 per cent to close at its new all-time high of 58,723.20. During the day, it gained 529.97 points to 58,777.06, its intra-day record.

In the previous trade, the benchmark had ended 69.33 points or 0.12 per cent higher at 58,247.09.

The market capitalisation of BSE-listed companies zoomed Rs 3,35,770.71 crore in two day to a record high of Rs 2,59,68,082.18 crore.

In big bang reforms, the Union Cabinet on Wednesday approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route.

The Cabinet also approved a Rs 26,058 crore production linked incentive (PLI) scheme for auto, auto-components and drone industry to enhance India’s manufacturing capabilities.

“The measures announced for the telecom and auto industry are sweeping with potential for far-reaching beneficial impact. A four-year moratorium on dues of the telecom sector which covers AGR, spectrum dues and interest payment will bring big relief to the cash-strapped sector.

“This is positive for banks, too, since banks’ exposure too will decline significantly,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

The Rs 26,058 crore PLI scheme for automobiles, auto components and drones is a major initiative to attract advanced auto technology and supply chains into India, he added.

NTPC was the biggest gainer in the pack, rallying 7.16 per cent, followed by Bharti Airtel at 4.53 per cent.

In contrast, Nestle India, UltraTech Cement, Axis Bank and Asian Paints were among the laggards.

In the broader market, the BSE midcap and smallcap gauges gained up to 0.86 per cent.

All BSE sectoral indices closed in the green, led by telecom (3.45 per cent) and utilities (2.29 per cent).

(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.)

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