Investors Wealth Climb Over Rs 5 Lakh crore In Two Days Of Market Recovery

Equity investors became richer by over Rs 5 lakh crore in two days of recovery in the stock market amid firm global trends.

 The 30-share BSE benchmark Sensex jumped 462.26 points or 0.88 percent to settle at 52,727.98 on Friday. It had gained 443.19 points or 0.86 percent to 52,265.72 on Thursday.

 Following the recovery in equities, the market capitalization of BSE-listed firms climbed from Rs 5,06,975.56 crore to Rs 2,42,27,901.56 crore in two days.

 "Markets edged higher for the second consecutive session, driven by firm global cues. After a gap-up opening, the benchmark remained in a range and finally settled around the upper band of the same. Markets are witnessing consolidation after the sharp decline and awaiting some fresh triggers," said Ajit Mishra, VP - Research at Religare Broking Ltd.

 On Friday, from the Sensex pack, M&M was the biggest gainer, with a gain of 4.28 percent, followed by Bajaj Finance, IndusInd Bank, Hindustan Unilever, ICICI Bank, and Bharti Airtel.

 On the other hand, Tech Mahindra, Infosys, HCL Technologies, TCS, Wipro, Sun Pharma, and Larsen & Toubro were the laggards.

 In the broader market, the BSE smallcap gauge jumped 1.60 percent and the midcap index gained 1.53 percent.

 Among the BSE sectoral indices, telecom jumped 2.53 percent, auto (1.98 percent), power (1.73 percent), consumer discretionary goods & services (1.68 percent), consumer durables (1.47 percent), and finance (1.40 percent). Information Technology and teck were the only laggards.

 As many as 2,401 stocks advanced, while 906 declined and 141 remained unchanged.

 "Post correction over the past couple of weeks, equity markets ended this week with positive returns. Correction in crude oil prices from the recent peak and softening in commodity prices offered some relief to the markets in an otherwise high global inflation environment," said Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities.