India News | Investors Become Richer by Rs 7.81 Lakh Cr as Markets Rebound

New Delhi, Mar 14 (PTI) With equities staging a smart comeback a day after registering a steep fall, investors' wealth jumped by Rs 7.81 lakh crore on Thursday.

The 30-share BSE Sensex climbed 335.39 points or 0.46 per cent to settle at 73,097.28. During the day, it jumped 602.41 points or 0.82 per cent to 73,364.30.

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The market capitalisation of BSE-listed companies went up by Rs 7,81,631.24 crore to Rs 3,79,98,233.91 crore (USD 4.59 trillion).

The BSE benchmark index tanked 906.07 points, or 1.23 per cent, to settle at 72,761.89 on Wednesday. The Nifty plummeted 338 points, or 1.51 per cent, to 21,997.70.

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"Short-covering provided the much-needed fillip after Wednesday's crash, as key indices rose sharply after early weakness but quickly rebounded thereafter. Sharp gains in the US Dow Futures indicating a positive start also buoyed the local market sentiment. Recovery in mid and smallcap stocks shows that money is waiting on the sidelines to enter the market post healthy correction," Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

From the Sensex pack, HCL Technologies, Wipro, Infosys, Bharti Airtel, Mahindra & Mahindra, Larsen & Toubro, Tata Consultancy Services, Tech Mahindra, Nestle and Asian Paints were the major gainers.

Axis Bank, IndusInd Bank, Bajaj Finance, JSW Steel, State Bank of India and Tata Steel were among the major laggards.

The broader markets also staged a smart recovery, with the BSE Smallcap gauge jumping 3.11 per cent and midcap index climbing 2.28 per cent.

Fitch Ratings on Thursday raised its forecast for India's economic growth to 7 per cent for the next fiscal year starting April 1 on the back of strong domestic demand and sustained level of business and consumer confidence.

Wholesale inflation rate declined marginally to 0.2 per cent in February compared to 0.27 per cent in the preceding month despite a slight uptick in the food basket.

"After a sharp sell-off yesterday, Nifty saw a smart recovery from lower levels and closed with handsome gains of 149 points. Broader market saw a relief rally. India's WPI inflation eased to a four-month low of 0.2 per cent in February which added to the market momentum," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.

Among the indices, services jumped 3.99 per cent, telecommunication climbed 3.81 per cent, utilities (3.38 per cent), oil & gas (3.11 per cent), power (2.93 per cent), industrials (2.66 per cent) and commodities (2.49 per cent).

Bankex index emerged as the only laggard.

A total of 2,722 stocks advanced while 1,153 declined and 83 remained unchanged on the BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)