Market rally- Investors richer by over Rs 5

Market rally: Investors richer by over Rs 5.74 lakh cr in two days

Investors have become richer by over Rs 5.74 lakh crore in two days of market rebound, boosted by bargain-hunting and a supportive trend overseas.

The BSE benchmark Sensex zoomed 874.18 points or 1.53 per cent to finish at 57,911.68 on Thursday. Halting its five-day fall on Wednesday, the Sensex had closed 574.35 points or 1.02 per cent higher at 57,037.50.

“Positive global clues lifted sentiments for the second straight day. The board-based rally saw buying across different sectors,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.

M&M was the top gainer among the Sensex constituents on Thursday, climbing 3.50 per cent, followed by Maruti Suzuki, Bajaj Finserv, Asian Paints, Reliance Industries, Kotak Mahindra Bank, HDFC and TCS.

In the broader market, the BSE smallcap gauge jumped 1.33 per cent while the midcap index gained 1.28 per cent.As many as 2,303 stocks advanced, while 1,115 declined and 103 remained unchanged.

Among BSE sectoral indices, auto jumped the most by 2.14 per cent, followed by consumer discretionary goods and services (1.60 per cent), finance (1.54 per cent), industrials (1.45 per cent) and IT (1.45 per cent). Metal index was the only laggard.

“Domestic equities witnessed a pullback rally after taking cues from its global peers and buying seen in Nifty heavyweights counter,” said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd.