As Sensex gains 611 points, investor wealth surges by Rs 1.78 trn

Investor wealth on Monday rose by Rs 1.78 trillion, helped by a smart rally in the stock market, where the benchmark Sensex spurted by 611 points -- its biggest single-day gain in two years.

Led by the robust surge in stocks, the total market capitalisation of BSE-listed companies went up by Rs 1783.9 billion to Rs 144520.09 billion.

The Sensex surged 610.80 points to end at 33,917.94.

"After 10 per cent correction from the all-time high levels surrounded by whole host of negatives (especially from banking sector), Indian markets had phenomenal day with frontline indices rallying +2 per cent offering much needed cheer and relief to the investors.

"Albeit today's rally was on the back of heavy short-covering from large caps, still the market will take it with both hands," said Jagannadham Thunuguntla, Sr VP and Head of Research (Wealth), Centrum Broking Limited.

From the 30-share Sensex basket, 28 stocks ended with gains led by Bharti Airtel , NTPC, ITC and Tata Motors.

Among sectoral indices, the BSE metal index rose the most by 2.32 per cent.

The BSE mid-cap index ended higher by 0.76 per cent and small-cap index 0.56 per cent.

"Key benchmark indices started the day on a positive note and extended gains in afternoon trade to hit fresh day's highs as steady buying demand in index pivotals gave a fillip to the wider market. Positive Asian stocks boosted sentiment on the domestic bourses while global stocks gained as international trade-war concerns abated and were replaced by economic optimism following a stronger US jobs report released over the weekend," said Karthikraj Lakshmanan, Senior Fund Manager-Equities, BNP Paribas Mutual Fund.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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