Investor Wealth Shoots Up By Rs 2.98 Lakh Crore As Stocks Rally

NEW DELHI — Investor wealth soared by Rs 2.98 lakh crore on Friday as the BSE benchmark index zoomed over 700 points, largely in tandem with rebounding global markets.

The BSE Sensex on Friday posted its biggest single-day gain in 19 months, soaring 732.43 points to close at 34,733.58. Led by the surge in stocks, the market capitalisation of BSE-listed companies rose by Rs 2,98,411.33 crore to Rs 1,38,68,813.92 crore. The BSE Sensex had slumped over 750 points to end at a six-month low Thursday.

“Market smartly reversed from yesterday’s fall amid strengthening rupee and drop in oil prices. Recent drop in valuation kept stocks attractive while investors may seek more clarity from upcoming quarterly results,” said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Rising for the third straight day, the rupee strengthened by 55 paise to settle at 73.57 against the US dollar Friday, marking its biggest gain in over three weeks. As many as 29 stocks in the 30-share Sensex basket closed with gains, led by Maruti Suzuki, Mahindra & Mahindra and Kotak Mahindra Bank. The BSE auto index took the pole position among sectoral indices, spurting 4.01 per cent.

At BSE, 2,074 stocks advanced, while 609 declined and 135 remained unchanged. The BSE mid-cap index ended higher by 2.42 per cent and small-cap index climbed 2.60 per cent.

Be Part of Quality Journalism

Quality journalism takes a lot of time, money and hard work to produce and despite all the hardships we still do it. Our reporters and editors are working overtime in Kashmir and beyond to cover what you care about, break big stories, and expose injustices that can change lives. Today more people are reading Kashmir Observer than ever, but only a handful are paying while advertising revenues are falling fast.

ACT NOW
MONTHLYRs 100
YEARLYRs 1000
LIFETIMERs 10000

CLICK FOR DETAILS


Observer News Service

Leave a Reply

Your email address will not be published.

KO SUPPLEMENTS