Latest News | Stock Markets Rebound Makes Investors Richer by Rs 8.97 Lakh Cr in Single Day
Get latest articles and stories on Latest News at LatestLY. Stock investors recouped Rs 8.97 lakh crore as equity markets staged a sharp rebound on Wednesday ending a three-day slump following a rally in global peers.
New Delhi, Aug 7 (PTI) Stock investors recouped Rs 8.97 lakh crore as equity markets staged a sharp rebound on Wednesday ending a three-day slump following a rally in global peers.
The BSE benchmark Sensex jumped 874.94 points or 1.11 per cent to settle at 79,468.01. During the day, it soared 1,046.13 points or 1.33 per cent to 79,639.20.
Thanks to the smart recovery in equities, the market capitalisation of BSE-listed firms went up by Rs 8,97,352.99 crore to Rs 4,48,57,306.55 crore (USD 5.34 trillion).
"Global markets experienced a notable rebound after the BoJ's Deputy Governor reassured that the central bank would not raise interest rates during a period of financial instability. The Indian market also witnessed broad-based buying across sectors, with the realty sector seeing a relief rally due to the reinstatement of indexation benefits," said Vinod Nair, Head of Research, Geojit Financial Services.
Investors' wealth had eroded by a whopping Rs 22 lakh crore in the past three days of market slump where the BSE benchmark tanked 4 per cent.
"Domestic markets rallied sharply much in sync with optimism in global equity indices, although risk off sentiment could still prevail on the back of rising tension in the Middle East," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.
On Wednesday, in the broader market, the BSE midcap gauge jumped 2.63 per cent and smallcap index climbed 2.39 per cent.
All indices ended in the positive territory. Oil & Gas jumped 3.75 per cent, metal surged 3.44 per cent, energy (3.32 per cent), capital goods (2.89 per cent), telecommunication (2.80 per cent), services (2.53 per cent), commodities (2.49 per cent), healthcare (2.03 per cent).
Among the 30 Sensex firms, Adani Ports and Power Grid climbed over 3 per cent each. Tata Steel, JSW Steel, Infosys, Mahindra & Mahindra, Maruti, and Larsen & Toubro were the other big gainers.
IndusInd Bank, Bharti Airtel, Hindustan Unilever, Tech Mahindra and Titan were the laggards.
As many as 2,985 stocks advanced while 948 declined and 98 remained unchanged.
Asian markets settled in the positive territory, where Seoul, Tokyo, Shanghai and Hong Kong ended significantly higher.
European markets also rallied. The US markets ended higher on Tuesday.
(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)