India News | Investors' Wealth Surges Rs 6.24 Lakh Cr as Markets Soar to Record High Levels
Get latest articles and stories on India at LatestLY. Equity investors became richer by Rs 6.24 lakh crore on Friday amid buoyant investors' sentiment as the BSE Sensex breached the historic 84,000-mark for first time and settled for the day 1,359.51 points higher.
New Delhi, Sep 20 (PTI) Equity investors became richer by Rs 6.24 lakh crore on Friday amid buoyant investors' sentiment as the BSE Sensex breached the historic 84,000-mark for first time and settled for the day 1,359.51 points higher.
The 30-share BSE benchmark jumped 1,359.51 points or 1.63 per cent to settle at an all-time high of 84,544.31. During the day, it soared 1,509.66 points or 1.81 per cent to hit the momentous intra-day peak of 84,694.46.
Following the rally in equities, the market capitalisation of BSE-listed firms surged by Rs 6,24,468.11 crore to Rs 4,71,71,745.83 crore (USD 5.65 trillion).
Last Thursday, the 30-share BSE benchmark had hit the 83,000-level for the first time.
"Markets were on a roll on the back of across-the-board buying as the US interest rate cut has triggered a downward spiral in both Indian and US bond yields, making India's financial assets more attractive," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
Out of the 30 Sensex firms, Mahindra & Mahindra jumped over 5 per cent. JSW Steel, ICICI Bank, Larsen & Toubro, Bharti Airtel, Nestle, Adani Ports, Hindustan Unilever, HDFC Bank, Tech Mahindra, Maruti, Kotak Mahindra Bank and Tata Steel were the other big gainers.
State Bank of India, IndusInd Bank, Tata Consultancy Services and Bajaj Finance were the laggards.
"Domestic equities rallied for the second consecutive day supported by positive global cues after initial jobless claims fell to a four-month low," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.
The BSE smallcap gauge jumped 1.37 per cent and midcap index climbed 1.16 per cent.
Realty index soared 3.21 per cent, capital goods (2.32 per cent), auto (2.12 per cent), industrials (2.08 per cent), metal (1.82 per cent), consumer discretionary (1.78 per cent), financial services (1.55 per cent), bankex (1.44 per cent) and healthcare (1.10 per cent).
A total of 2,442 stocks advanced while 1,502 declined and 115 remained unchanged on the BSE.
On the weekly front, the BSE benchmark jumped 1,653.37 points or 1.99 per cent.
(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)