Market rally adds over ₹9 lakh crore to investor kitty in three days

This is the third consecutive day of the rally in the equities markets. The Sensex had gained 1041.47 points or 1.87% yesterday. In three days, the benchmark has climbed 2,301.76 points or 4.16%.

The continuation of the uptrend has added ₹9,03,574.58 crore to the market capitalisation of BSE-listed firms, which now stands at ₹2,66,58,604.02 crore.

“Domestic equities continued its northward journey for the third consecutive day on the back of healthy corporate earnings and positive global cues,” Siddhartha Khemka, Head – Retail Research of Motilal Oswal Financial Services Ltd, was quoted as saying by news agency PTI.

Analysts said that softening commodity prices, reduced intensity of Foreign Institutional Investors (FIIs) selling and better-than-expected earnings season have led to the recovery in the markets.

“Markets traded robust for yet another session and gained over a per cent,” Ajit Mishra, VP – Research at Religare Broking Ltd, said today.

In the broader market, the BSE smallcap gauge soared 1.38% and midcap index climbed 1.01% today.

Among major Sensex gainers were Tata Steel, Sun Pharma, Bajaj Finserv, IndusInd Bank, Infosys, Asian Paints, Reliance Industries and Bajaj Finance.

Dr Reddy’s, Kotak Mahindra Bank, State Bank of India, ITC and Axis Bank were the laggards.

Buying support was across the board. Only five of the 30 scrips that are part of the benchmark Sensex closed in the red.

Dr Reddy’s Laboratories dipped 3.96% to ₹4090.35. Kotak Bank, SBI, ITC and Axis Bank also closed in the red.

All the BSE sectoral indices ended in the green, with metal climbing the most by 4.59%, followed by energy (2.41%), basic materials (2.30%), oil & gas (2.21%), IT (1.71%), teck (1.68%) and consumer durables (1.47%).

With agency inputs

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