Stock investors have become richer by Rs 10.47 lakh crore in two straight days of gains in markets as benchmark Sensex jumped 2 per cent.
Photograph: ANI Photo
At close on Wednesday, the market capitalisation of BSE-listed companies surged by Rs 10,47,565.48 crore to Rs 4,52,58,633.53 crore ($5.37 trillion) in two days of gains.
“The feel good factor of Trump’s win in the US election had a rub-off effect on world equity markets, including local indices as domestic investors resorted to value buying, especially in IT stocks, which pushed the benchmark Sensex above the 80k mark.
“The market is hoping that the new regime will not hurt the H-IB visa rules, leading to a rally in the recently beaten-down IT stocks,” Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
From the 30-share Sensex pack, Tata Consultancy Services and Infosys jumped over 4 per cent each on Wednesday.
Tech Mahindra, HCL Technologies, Adani Ports, Larsen & Toubro, Maruti and Reliance Industries were also among the gainers.
Titan, IndusInd Bank, Hindustan Unilever, Axis Bank and HDFC Bank were the laggards.
All sectoral indices ended higher.
The BSE IT soared 4.04 per cent, while teck (3.37 per cent), realty (2.68 per cent), industrials (2.66 per cent), services (2.53 per cent) and utilities (2.44 per cent) were among the major gainers.
A total of 3,000 stocks advanced while 968 declined and 95 remained unchanged on the BSE.
The BSE midcap gauge jumped 2.28 per cent and smallcap index zoomed 1.96 per cent.
