Business Desk, ETV Bharat: The Big Bull dominated Dalal Street for the third session in a row resulting in huge gains for the key stock market indices as well as investors.
At the end of the trading session on Wednesday, the BSE Sensex gained 1,148 points to close at 51,444 and NSE Nifty climbed 326 points to end at 15,245.
The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank.
Of the 30 Sensex constituents, 27 closed in the green.
Read: Market roundup: Sensex rises for 2nd day, gold tumbles Rs 679
Foreign investors had bought equities worth Rs 2,223.16 crore on a net basis in Indian capital markets on Tuesday, exchange data showed.
While Bajaj Finserv rose the most by 5.15 per cent, Reliance Industries rose by 4.52 per cent as it emerged as the lead buyer in spectrum auctions that were concluded on Tuesday.
As per a statement reviewed by ETV Bharat, Reliance Jio picked up 488.35 MHz of spectrum in bands such as 800 MHz, 1800 MHz and 2300 MHz for Rs 57,122.65 crore that helps in consolidating its footprint in 22 telecom circles.
Similarly, Bharti Airtel, another telecom major, which bid about Rs 18,699 crore to pick up 355.45 MHz, rose by 0.92 per cent on Wednesday.
Read: Sensex, Nifty firm up gains in early trade; financial stocks shine
Rising investors wealth
During the last three trading sessions, the Sensex has risen by 2,344.66 points or 4.77 per cent, while the Nifty has added 716.45 points or 4.93 per cent.
As the key stock prices were soaring, investors' wealth has also jumped by a massive Rs 9.41 lakh crore during the last three days.
Also, the market capitalisation of the BSE-listed companies has zoomed by Rs 9,41,131.42 crore to reach Rs 2,10,22,227.15 crore since last Monday.
Why is the stock market rising?
Analysts told PTI that investor sentiment remained upbeat due to encouraging GDP numbers for the third quarter as well as returning of calmness in global bond markets after the last week's turmoil.
Read: Sensex zooms 1,148 pts, Nifty tops 15,200; financials steal the show
The Gross Domestic Product (GDP) grew 0.4 per cent in the October-December 2020 period compared with the same period a year back, data released by the National Statistics Office on Friday showed.
The Indian economy has come out of a technical recession in the Oct-December quarter after negative GDP growth in the preceding two quarters due to Covid-19 induced disruptions.
(with PTI inputs)
