Indian equity investors become richer by Rs 6 lakh crore

Mumbai: The wealth of Indian equity investors climbed Rs 6 lakh crore on Monday. The BSE Sensex advanced nearly 2 per cent yesterday. BSE Sensex settled at 71,941.57, up by 1,240.90 points or 1.76 per cent. As per market experts,  solid buying in shares of Reliance Industries (RIL) and other heavyweights from the financial sector is the reason for this market rally.

The market capitalisation of BSE-listed firms jumped Rs 6,08,556.11 crore to Rs 3,77,20,679.19 crore ($4.53 trillion).  Meanwhile, the shares of Reliance Industries advanced over 7 per cent, and were the top Sensex and Nifty gainer. RIL zoomed 7.2 per cent intraday to hit a record high of Rs 2,905 per share. It ended 6.8 per cent higher at Rs 2,896 per share. With this, its market capitalisation (m-cap) also crossed Rs 19-trillion mark , and stood at Rs 19.59 trillion at close.

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‘Firm global cues lifted the domestic market sentiment, as the broad-based rally pushed the benchmark Sensex above the psychological 72,000-mark towards the closing stage led by RIL which scaled a fresh record high. After last week’s major sell-off triggered by FII selling, further short-covering coupled with recovery in global indices aided renewed optimism in the markets today,’ Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said.

Among the Sensex firms, Reliance Industries jumped nearly 7 per cent, contributing the most to the rally in markets. Tata Motors, Power Grid, Larsen and Toubro, Kotak Mahindra Bank, NTPC, Titan and UltraTech Cement were the other major gainers. Top losers were ITC, Infosys, JSW Steel, Tech Mahindra and Tata Consultancy Services.

In the broader market, the BSE midcap gauge climbed 1.68 per cent and smallcap index rallied 1.03 per cent. Among the indices, energy jumped 5.29 per cent, oil & gas zoomed 4.94 per cent, power (3.03 per cent), services (2.82 per cent), capital goods (2.13 per cent), industrials (2.17 per cent) and consumer durables (1.93 per cent).  A total of 2,266 stocks advanced while 1,654 declined and 141 remained unchanged.