Sensex jumps over 2%
BBN Bureau
Mumbai: Investors’ wealth soared by Rs 10.58 lakh crore in three days of the market rally, where the BSE benchmark jumped over 2 per cent, and hit an all-time high on Monday.
Extending its winning momentum to the third day running, the 30-share BSE Sensex jumped 363.20 points or 0.49 per cent to settle at 74,014.55. During the day, it zoomed 603.27 points or 0.81 per cent to hit its record high of 74,254.62.
The market capitalisation of BSE-listed companies jumped by Rs 10,58,034.42 crore to Rs 3,93,15,471.18 crore ($ 4.74 trillion) in three days.
The BSE benchmark Sensex jumped 1,544.25 points or 2.13 per cent in three days.
Equity markets were closed on March 29 for Good Friday.
“Markets were in an upbeat mood after a prolonged holiday session last week as both Sensex and Nifty propelled to fresh highs on the back of bargain hunting, which shows that appetite for equity assets continues to remain strong for investors despite hiccups at regular intervals.
“Although there are challenges related to delayed rate cuts and uncertainty surrounding geo-political tensions, India’s strong reform path and expectations that the ruling party could come back to power in the upcoming general elections has been prompting investors to take bullish bets,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.
From the Sensex basket, JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro and HDFC Bank were the major gainers.
Titan, Nestle, Bharti Airtel and IndusInd Bank were among the laggards.
In the broader market, the BSE smallcap gauge jumped 2.98 per cent and the midcap index climbed 1.64 per cent.
Among the indices, realty zoomed 4.18 per cent, telecommunication jumped 3.44 per cent, metal by 3.39 per cent, commodities by 2.91 per cent, utilities by 2.62 per cent and industrials by 2.16 per cent.
Consumer Durables and auto were the laggards.
A total of 3,212 stocks advanced while 698 declined and 148 remained unchanged on the BSE.
Also, 169 stocks hit their 52-week high while 57 firms fell to their 52-week low.
“The Indian market boarded on a strong trajectory at the onset of the new financial year, with indications pointing towards a continuation of this favourable momentum, in the near term. This confidence is supported by a global rally in expectation of a Fed rate cut in June and a healthy domestic earnings growth forecast in Q4 FY24.
“Notably, metal stocks excelled today, owing to the swift pace of Chinese PMI data, indicating traction in the economic recovery. Going ahead, RBI monetary policy, India PMI data, and US non-farm payroll data will set the direction of the market,” Vinod Nair, Head of Research at Geojit Financial Services, said.
