Equity traders turned richer by over Rs 12 lakh crore on Tuesday, helped by a sensible rally within the broader market.
The 30-share BSE benchmark zoomed 1,344.63 factors or 2.54 per cent to settle at 54,318.47 factors with all of its constituents closing within the inexperienced.
Tracking the sharp rally in equities, the market capitalisation of BSE-listed corporations jumped Rs 12,05,523.65 crore to Rs 2,55,55,447.68 crore.
“Markets witnessed a sharp rebound and gained over 2.5 per cent, thanks to favourable cues. The benchmark opened higher led by supportive Asian markets as China eased lockdown restrictions. As the day progressed, healthy buying across sectors and short-covering supported the market to maintain its momentum.
“It is a much-needed breather for the bulls after five weeks of slide,” Ajit Mishra, VP – Research at Religare Broking Ltd, stated.
Tata Steel, Reliance Industries, ITC, Wipro, ICICI Bank, Larsen & Toubro, HCL Technologies and Maruti had been the key gainers among the many Sensex constituents.
Asian markets in Hong Kong, Seoul, Tokyo and Shanghai ended increased. Equity exchanges in Europe had been buying and selling within the inexperienced within the afternoon session.
In the broader market, the BSE smallcap gauge rallied 2.78 per cent and midcap index jumped 2.51 per cent.
All BSE sectoral indices additionally ended increased, with metallic leaping 7.62 per cent, adopted by fundamental supplies (4.26 per cent), power (4.13 per cent), oil and gasoline (3.52 per cent), telecom (3.31 per cent) and industrials (3.14 per cent).
A complete of two,624 shares superior, whereas 714 declined and 124 remained unchanged.
“After a long gap, the market has witnessed a strong resilience supported by heavyweights and broader markets. The market was trading at oversold territory and was inspired by optimism in the Asian markets,” Vinod Nair, Head of Research at Geojit Financial Services, stated.
Source: www.financialexpress.com”