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Stock Market Rally! Investors become richer by over Rs 13.53 lakh crore in six days

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Investors have became richer by over Rs 13.53 lakh crore in six days, with equity benchmarks on a winning run amid foreign fund inflows and supportive global cues.

The 30-share BSE Sensex ended 214.17 points or 0.37 per cent higher at 58,350.53 on Wednesday, logging its sixth straight session of gains. The benchmark has jumped 3,082.04 points or 5.57 per cent during this time.

Mirroring the positive trend in equities, the market capitalisation of BSE-listed firms climbed Rs 13,53,337.25 crore in six days to reach Rs 2,71,08,366.69 crore.

“Market has rebounded strongly with a turn in the trajectory of foreign investor flows. A perceived pivot in the Fed’s tightening cycle and cooling off of crude oil prices have made the macro environment more favourable for India, which has outperformed EM and Asian peers by 6 per cent in the last week,” said S Hariharan, Head- Sales Trading, Emkay Global Financial Services.

On Wednesday, Tech Mahindra emerged as the biggest gainer in the Sensex pack, climbing 1.97 percent, followed by TCS, Infosys, Asian Paints, Titan, ICICI Bank, Bharti Airtel and Reliance Industries.

Maruti Suzuki, Sun Pharma, Kotak Mahindra Bank, IndusInd Bank, Bajaj Finance and ITC were among the laggards.

“Bulls and bears slugged it out in a volatile charged session, but eventually the former maintained their winning streak on Dalal Street on buying in IT and select finance stocks.

“Even as FII buying into local equities has resumed after a gap of 3 months, traders are taking a stock-specific approach ahead of the RBI’s rate decision on Friday,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

In the broader market, the BSE midcap gauge dipped 0.60 percent and the smallcap index fell 0.28 percent.

Among the BSE sectoral indices, IT climbed 1.28 percent, followed by teck (1.13 percent) and finance (0.02 percent). Telecom, capital goods, realty, auto, basic materials, FMCG and industrials were among the laggards.

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 765.17 crore on Wednesday, as per exchange data.