Equity investors become richer by Rs 3.43 lakh crore in two days of market rally

PTI, Jun 28, 2023, 5:39 PM IST

Equity investors became richer by Rs 3.43 lakh crore in two days of market rally that saw the BSE benchmark Sensex touching the record 64,000-mark in intra-day trade on Wednesday.

Extending the previous day’s rally, the 30-share Sensex surged 499.39 points or 0.79 per cent to settle at its life time closing high of 63,915.42 points on Wednesday. During the day, the index jumped 634.41 points or 1 per cent to hit its all-time intra-day peak of 64,050.44 points.

In two days, the market capitalisation of BSE-listed firms went up by Rs 3,43,718.15 crore to Rs 2,94,11,131.69 crore.

Earlier, on June 21, the market capitalisation of BSE-listed firms had hit an all-time high of Rs 2,94,36,594.50 crore.

”Domestic equities had a dream run with Nifty and Sensex scaling life time highs. Strong institutional flows, healthy macros, and robust earnings growth drove the domestic market toward new highs,” Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd, said.

All the indices ended in the green on Wednesday, with services rallying 2.35 per cent, capital goods jumping 1.14 per cent, power (1.02 per cent), healthcare (0.90 per cent), oil & gas (0.85 per cent), energy (0.83 per cent), metal (0.80 per cent) and industrials (0.70 per cent).

In the broader market, the BSE midcap gauge climbed 0.73 per cent and smallcap index gained 0.08 per cent.

”Nifty has surged to an unprecedented all-time high, propelled by the solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently,” Santosh Meena, Head of Research, Swastika Investmart Ltd, said.

Amar Ambani, Group President & Head – Institutional Equities at YES SECURITIES, said that investors are massively turning positive on risk assets, taking comfort from the recent fall in inflation, anticipating the end of the rate hike cycle.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.

In Asian markets, Tokyo and Hong Kong settled in the green while Seoul and Shanghai ended lower. European markets were trading in the positive territory. The US markets ended significantly higher on Tuesday.