Four-day market rally makes investors richer by Rs 8.48 lakh crore

PTI, Apr 24, 2024, 5:37 PM IST

Representative image (source: PTI)

New Delhi: Investors’ wealth surged Rs 8.48 lakh crore in four days of market rally where the BSE benchmark has climbed nearly 2 per cent amid firm global trends.

The 30-share BSE Sensex climbed 114.49 points or 0.16 per cent to settle at 73,852.94 on Wednesday. During the day, it jumped 383.16 points or 0.51 per cent to 74,121.61.

In the last four days, the BSE benchmark climbed 1,363.95 points or 1.88 per cent.

The market capitalisation of BSE-listed companies jumped by Rs 8,48,328.9 crore to Rs 4,01,37,377.21 crore (USD 4.84 trillion) in four days.

“Markets continued its upward momentum backed by positive global cues and investors covering their positions ahead of tomorrow’s monthly F&O expiry. There is still a lot of uncertainty about tensions in West Asia, as there are worries any escalation in conflict could fuel a rise in crude prices, buoy inflation and further delay rate cut hopes,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

From the Sensex basket, JSW Steel, Tata Steel, Power Grid, Kotak Mahindra Bank, UltraTech Cement, NTPC, Bajaj Finance and Axis Bank were the major gainers.

Tech Mahindra, Tata Consultancy Services, Maruti, Reliance Industries and Titan were among the laggards.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled in the positive territory.

European markets were trading mostly with gains. Wall Street ended with gains on Tuesday.

“Global markets turned positive as geopolitical tension in the Middle East eased off and investors now focus on the earning season,” Siddhartha Khemka, Head – Retail Research at Motilal Oswal Financial Services Ltd, said.

Global oil benchmark Brent crude declined 0.51 per cent to USD 87.97 a barrel.

“Globally, investor sentiment improved with easing tensions in the Middle East and declining oil prices,” Vinod Nair, Head of Research at Geojit Financial Services, said.

In the broader market, the BSE smallcap gauge climbed 0.79 per cent and midcap index advanced 0.92 per cent.

Among the indices, metal climbed 2.83 per cent, commodities (1.62 per cent), industrials (1.13 per cent) and oil & gas (0.96 per cent) were the major gainers.

IT, telecommunication and teck were the laggards.