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New Delhi: Investors’ wealth has increased by Rs 6,44,760.45 crore in four trading sessions on the back of an equity market rally. In the last four trading sessions, the 30-share BSE benchmark has gained 1,248.90 points or 2.58%. On Monday, the index jumped 295.94 points or 0.60% to close at 49,502.41.
The market capitalisation of BSE-listed companies zoomed Rs 6,44,760.45 crore to Rs 2,13,28,658.05 crore in four trading days starting May 5.
“Domestic equities continued to defy concerns of rising COVID-19 cases and extended mobility restrictions by several state by extending gains for the fourth consecutive trading day.
“We note that favourable global cues, steady March quarter earnings along with favourable commentary, liquidity support announced by RBI and absence of nationwide lockdown have aided domestic equities to shrug off rising COVID-19 cases in the country,” Binod Modi, Head Strategy at Reliance Securities, said.
He also noted that elevated daily caseload, higher positivity rate and rising COVID-19 cases in hinterlands of the country are expected to weigh on investors’ sentiments and will prevent market to take any decisive up-move.
On Monday, among the 30-frontline companies list, L&T was the top gainer, rallying nearly 4%, followed by Dr Reddy’s, Sun Pharma and NTPC.
On the other hand, UltraTech Cement, Infosys, Reliance Industries, HCL Tech and Axis Bank were the losers.
Sectorally, BSE metal, capital goods, healthcare, power, utilities and industrials indices rose up to 3.53% while IT closed lower. In the broader market, the midcap and smallcap indices rallied up to 0.97%.