Investors’ wealth climbed Rs 7.95 lakh crore in three days of market rally amid positive trends in global markets.
Photograph: Utpal Sarkar/ANI Photo
The 30-share BSE Sensex jumped 594.91 points or 0.92 per cent to 64,958.69.
During the day, the benchmark surged 628.76 points or 0.97 per cent to 64,992.54.
The benchmark index has zoomed 1,367.36 points or 2.15 per cent in three days.
The market capitalisation of BSE-listed firms soared Rs 795,290.63 crore to reach Rs 3,18,17,766.44 crore, in three trading days.
Fitch Ratings has raised India’s medium-term potential growth estimate by 70 basis points to 6.2 per cent on the back of an improvement in the employment rate and a modest increase in the working-age population forecast.
In a report on Monday, Fitch projected medium-term potential growth for the 10 emerging economies at 4 per cent, down from 4.3 per cent from the previous estimate.
This was “driven by a 0.7 percentage point cut” in China’s growth estimate.
“Nifty remained in positive territory throughout the session.
“Sentiments were lifted after credit agency Fitch, raised India’s medium-term potential GDP growth estimates by 70 basis points.
“Majority of the sectors including the broader market ended in the green,” Siddhartha Khemka, head – retail research, Motilal Oswal Financial Services Ltd, said.
On Monday, among the Sensex firms, Larsen & Toubro, Axis Bank, Power Grid, Bajaj Finance, Tata Steel, Asian Paints, Mahindra & Mahindra and Bajaj Finserv were the biggest gainers.
State Bank of India, Hindustan Unilever, Tata Motors and Titan were the laggards.
“Optimism continued as soft US payroll data and expectations of moderation in monetary tightening by the Fed supported the sentiment.
“Since most of the headwinds are global in nature, investor sentiment has shifted to domestic-oriented businesses, where festive demand is healthy,” said Vinod Nair, head of research at Geojit Financial Services.
Global markets have surged on hopes the Federal Reserve is done with its market-crunching hikes to interest rates, meant to get inflation under control.
Hopes that the Federal Reserve may finally be done with raising rates after it opted to keep its benchmark rate unchanged, pushed shares higher around the world.
In the broader market, the BSE smallcap gauge jumped 1 per cent and midcap index rallied 0.90 per cent.
Among the indices, capital goods advanced 1.68 per cent, metal jumped 1.64 per cent, industrials (1.42 per cent), utilities (1.39 per cent), commodities (1.38 per cent), oil & gas (1.33 per cent), energy (1.27 per cent), realty (1.19 per cent), bankex climbed 0.74 per cent and auto (0.65 per cent).
Consumer Durables emerged as the only laggard.
