Investors richer by over Rs 4.46 trn in three days of market rally

Investors richer by over Rs 4.46 trn in three days of market rally
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have become richer by over Rs 4.46 lakh crore in three days of market rally where the benchmark Sensex scaled the 59,000-mark for the first time on Thursday, driven by various reform measures.

In its third consecutive session of gain, the 30-share BSE index jumped 417.96 points or 0.71 per cent to its new closing peak of 59,141.16. During the day, it zoomed 481.09 points to its all-time high of 59,204.29.

In three days, the benchmark has gained 963.4 points.

Helped by the record rally in equities, the market capitalisation of BSE-listed companies jumped Rs 4,46,043.65 crore in three days to reach an all-time high of Rs 2,60,78,355.12 crore at close of trade on Thursday.

“We are in a roaring and classical bull market where the Nifty and Sensex continue to achieve new milestones and I believe this bull run may continue for the next 2-3 years while intermediate correction or shakeout phases can’t be ruled out.

“If we talk about the near-term outlook then bullish momentum may continue in September month where Sensex can cross the psychological mark of 60,000 but I think we may see a correction after then therefore October could be a month of correction,” said Santosh Meena, Head of Research, Swastika Investmart Ltd.

IndusInd Bank was the biggest gainer in the BSE 30-share frontline companies pack on Thursday, gaining 7.34 per cent, followed by ITC, SBI, Reliance Industries, Kotak Bank and ICICI Bank.

In contrast, TCS, Tata Steel, Tech Mahindra and Bharti Airtel were among the laggards.

“Despite weak global cues, introduction of reforms for telecom and auto sectors led to the rally, giving confidence to the about the reform led economic recovery,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.

In the broader market, the BSE midcap and smallcap indices rose up to 0.48 per cent.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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