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Indian equity benchmarks opened higher on Tuesday

New Delhi: Investors’ wealth zoomed by Rs 5,78,634.72 crore in two days of intense market rally, with participants adding Rs 2,74,908.83 crore to their fortune on Tuesday. Over the past two sessions, the BSE gauge Sensex has gained about 1,461 points or 2.99%. The benchmark rallied 612.60 points or 1.24% to settle above the 50,000-mark on Tuesday.

Following the two-day massive rallies, the market capitalisation of BSE-listed companies jumped by Rs 5,78,634.72 crore to a record Rs 2,16,39,367.91 crore on Tuesday.

“The rise can be attributed to a decline in India’s COVID cases and stability in the global markets,” said Ajit Mishra, VP – Research, Religare Broking Ltd. Last time on April 1, the BSE benchmark had closed above 50,000-level.

On Tuesday, M&M was the top gainer in the 30-share pack, rallying nearly 6%, followed by Bajaj Auto, Titan, Bajaj Finance and HDFC Bank. Bharti Airtel, ITC, Dr Reddy’s, SBI and Hindustan Unilever Limited were the laggards.

In the broader market, the BSE midcap and smallcap indices closed as much as 1.87% higher. Sectorally, BSE auto, industrials, consumer durables, capital goods, power and utilities indices rallied up to 3.19%, while telecom and FMCG indices fell up to 1.66%.

“Domestic equities extended gains as early sign of decline in COVID-19 daily caseload and improving prospects of faster economic recovery emboldened investors. Additionally, strong cues from Asian markets also supported today’s rally,” Binod Modi, Head Strategy at Reliance Securities said.