A pointy rebound in fairness markets made buyers richer by over Rs 5 lakh crore on Friday, with the BSE benchmark Sensex rallying 1,534 factors after a tough day within the earlier commerce.
Making a dashing comeback after the earlier session’s heavy sell-off, the 30-share BSE Sensex rallied 1,534.16 factors or 2.91 per cent to settle at 54,326.39.
The rally in equities helped the market capitalisation of BSE-listed corporations bounce by Rs 5,05,143.44 crore to achieve Rs 2,54,11,537.52 crore.
“Market took a complete U-turn from Thursday’s slump as bargain hunting following the recent crash and recovery in other Asian indices bolstered the sentiment back home,” mentioned Amol Athawale, Deputy Vice President – Technical Research, Kotak Securities Ltd.
The BSE benchmark had dived 1,416.30 factors or 2.61 per cent to shut at 52,792.23 on Thursday.
All the Sensex corporations ended within the inexperienced, with Dr Reddy’s, Reliance Industries, Nestle, Tata Steel, Larsen & Toubro, Axis Bank, Sun Pharma, IndusInd Bank, State Bank of India and HDFC rising as the most important gainers.
“Markets rebounded sharply and gained nearly 3 per cent, in continuation of the prevailing volatile trend. The benchmark witnessed a gap-up opening, taking cues from the Asian counterparts and gradually inched higher as the session progressed,” mentioned Ajit Mishra, VP – Research, Religare Broking Ltd.
In the broader market, the BSE smallcap gauge jumped 2.13 per cent and the midcap index rallied 1.98 per cent.
As many as 2,497 shares superior, whereas 777 declined and 144 remained unchanged.
“The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market. The Chinese central bank cut a key interest rate to support growth, injecting optimism into emerging markets,” mentioned Vinod Nair, Head of Research at Geojit Financial Services.
All BSE sectoral indices ended increased, with realty leaping 4.22 per cent, adopted by steel (3.75 per cent), capital items (3.14 per cent), industrials (3.05 per cent), healthcare (3.04 per cent) and vitality (2.97 per cent).
Source: www.financialexpress.com”