Investors wealth climbs over Rs 2.50 lakh crore; here's why
As many as 27 stocks in the Sensex pack traded in the green with Power Grid rising the most 3.73%.
Investors wealth grew by Rs 2.67 lakh crore on Tuesday as the market extended its gain for the second straight session tracking gains in index majors HDFC twins, HUL and ICICI Bank amid largely positive cues from the Asian peers.
The market capitalisation of BSE-listed firms jumped to Rs 203.94 lakh crore in the afternoon trade against Rs 201.27 lakh crore on Friday, March 26. Indian equity market was shut on Monday on account of Holi.
The benchmark BSE Sensex traded 950 points, or 1.94%, higher at 49,958 at around 1.28 pm (IST), while the broader NSE Nifty index was up 278 points, or 1.92%, at 14,785 at around the same time.
VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services said, “Sharp decline in FII selling coupled with large buying by DIIs can support the market and even take it higher. But there are many concerns like a surge in Covid cases, particularly in economically crucial Maharashtra, appreciation in US 10-year bond yield above 1.7% and the dollar index moving up to 92.8 levels. DIIs and retail investors are likely to be buyers in banking, IT, cement and metal stocks which look attractive at present levels.”
As many as 27 stocks in the Sensex pack traded in the green with Power Grid rising the most 3.73%. It was followed by HUL (up 3.51%), Infosys (up 3.39%) and HCL Technologies (up 3.38%). On the other hand, Bharti Airtel, M&M and Bajaj Finance were down up to 1%.
Among the sectoral indices on BSE, the IT index was up 2.97%. Metal, TECk, Utilities and Consumer Durables also gained between 1.90% and 2.80%.
Market analyst Ajay Bagga holds a positive view on commodity-linked stocks. “Positive view on both oil and industrial metals as the macroeconomic outlook remains conducive for stronger commodities demand amid reflation. We think it is a good time for investors to consider adding exposure to commodities,” he said in a Tweet.