Equity market rally lifts investor wealth by Rs 1.57 lakh crore

The 30-share BSE benchmark index zoomed 396.22 points or 1.03 per cent to close at 38,989.74 amid positive cues from global markets. During the day, it jumped 564.55 points to a high of 39,158.07.

New Delhi: Investors became richer by Rs 1.57 lakh crore on Thursday as nearly 400 points rally in the BSE Sensex gauge lifted domestic sentiment.

The 30-share BSE benchmark index zoomed 396.22 points or 1.03 per cent to close at 38,989.74 amid positive cues from global markets. During the day, it jumped 564.55 points to a high of 39,158.07.

The rally in the equity market pushed the market capitalisation (m-cap) of the BSE-listed firms higher by Rs 1,57,091.31 crore to Rs 1,48,45,854.70 crore.

"Yesterday's (Wednesday) global selling was based on the US political drama which reversed today (Thursday). While Indian markets recovered from profit-booking from the sharp gain. Momentum was broad-based with auto, banks and metals leading the gains on expectation of better demand during the festive season," according to Vinod Nair, head of research, Geojit Financial Services Ltd.

The BSE Sensex plummeted 504 points on Wednesday as investors booked profit.

"This positive trend is likely to be maintained in combination with ease in trade-war and domestic stimulus," Nair added.

Top gainers in the Sensex pack included Vedanta, M&M, ONGC, ICICI Bank, Tata Steel and Maruti surging up to 6.47 per cent. A total of 23 from the 30 frontline companies witnessed buying.

On the BSE, 1,273 companies advanced, while 1,243 declined and 163 remained unchanged.

From the broader market, the BSE mid-cap and small-cap indices settled up to 0.92 per cent higher.