Stock investors richer over Rs 6.30 lakh cr in three days

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Investors got richer by more than Rs 6.30 lakh crore in three days of market rally, with the benchmark ESB Sensex index climbing more than 1,300 points during this period.
The Sensex jumped 303.38 points or 0.56% to settle at 54,481.84 on Friday. He has advanced by 1,347.49 points or 2.53% over the last three sessions.

Along with the positive momentum in stocks, the market capitalization of BSE-listed companies soared by Rs 6,30,479.15 crore in three days to reach Rs 2,51,59,998.80 crore.

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“The Indian rally strengthened as crude prices corrected, halving FII sales from last week. However, this rally may run out of steam as the commodity price correction and monetary policy tightening are negative for the global economy, limiting earnings growth and valuation expansion,” said Vinod Nair, Head of of research at Geojit Financial Services.

On Friday, Larsen & Toubro emerged as the biggest gainer in the Sensex pack, jumping 4.72%, followed by PowerGrid, NTPC, ICICI Bank, Axis Bank, Dr Reddy’s, Bharti Airtel and Nestle India.

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On the other hand, Tata Steel, IndusInd Bank, Maruti Suzuki, TCS, HCL Technologies, Wipro and Asian Paints were among the laggards.
In the broader market, the BSE small cap gauge rose 0.28% and the mid cap index climbed 0.20%.

Among the BSE sector indices, capital goods jumped 2.23%, followed by electricity (1.71%), utilities (1.58%), industrials (1.51 %), banks (0.66%) and consumer products (0.54%).

Metal, basic materials and telecoms are lagging behind.

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