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Updated December 27th, 2023 at 19:18 IST

Equity investors gain Rs 11.11 lakh crore in four-day market surge

The market capitalisation of BSE-listed companies recorded a substantial increase of Rs 11,11,599.28 crore, reaching Rs 3,61,31,598.15 crore in four days.

Reported by: Business Desk
Stock market news
Stock market news | Image:Republic World
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The Indian stock market witnessed a robust four-day rally, propelling investors to amass wealth amounting to Rs 11.11 lakh crore. This surge was fueled by the benchmark Sensex surpassing the historic 72,000 mark for the first time on Wednesday. The positive momentum was attributed to optimism surrounding the country's macroeconomic fundamentals and strong global market trends.

On Wednesday, the 30-share BSE Sensex surged by 701.63 points or 0.98 per cent, reaching an all-time closing high of 72,038.43. Intraday, it rallied even further, touching 72,119.85, setting a new record. Over the four days, the BSE benchmark witnessed a gain of 1,532.12 points or 2.17 per cent.

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The market capitalisation of BSE-listed companies recorded a substantial increase of Rs 11,11,599.28 crore, reaching Rs 3,61,31,598.15 crore in four days.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, explained, "Strong global market undercurrent coupled with India's robust macro performance in the past few quarters gave investors ample ammunition to go ballistic on India's equities as Sensex reached a new milestone level of 72k mark led by gains in banking, auto, and metal stocks. The rally came despite worries over the ongoing conflict at Gaza and attacks on ships at the Red Sea, while hopes of rate cuts in the US next year and receding worries of recession in developed economies going ahead dictated the optimistic mood."

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Major gainers among the Sensex firms included UltraTech Cement, JSW Steel, Tata Motors, Bharti Airtel, State Bank of India, IndusInd Bank, and Larsen & Toubro. On the contrary, NTPC and Tech Mahindra experienced a downturn.

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong closed with gains. European markets exhibited mostly positive trading, and the US markets concluded on a positive note on Tuesday.

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Within the broader market, the BSE midcap gauge ascended by 0.41 per cent, and the smallcap index advanced by 0.20 per cent. Notable sectoral gains were observed in metal (1.33 per cent), auto (1.33 per cent), commodities (1.19 per cent), teck (0.96 per cent), IT (0.68 per cent), consumer durables (0.67 per cent), and capital goods (0.67 per cent). However, utilities, power, and services lagged behind.

(With PTI inputs.)

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Published December 27th, 2023 at 19:18 IST

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