In two days of intense market rallying, investors' wealth increased by Rs 5,78,634.72 crore, 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 per cent.
On Tuesday, the benchmark rose 612.60 points, or 1.24 per cent, to close above 50,000-mark. The market capitalisation of BSE-listed firms soared by Rs 5,78,634.72 crore to a new high of Rs 2,16,39,367.91 crore on Tuesday, following two days of strong rallies.
"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. On April 1, the BSE benchmark closed above 50,000 for the first time. M&M led the 30-share pack higher on Tuesday, up about 6 per cent, followed by Bajaj Auto, Titan, Bajaj Finance, and HDFC Bank. The laggards were Bharti Airtel, ITC, Dr. Reddy's, SBI, and Hindustan Unilever Limited.
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In the broader market, the BSE midcap and smallcap indices closed as much as 1.87 per cent higher. Sectorally, BSE auto, industrials, consumer durables, capital goods, power, and utilities indices rallied up to 3.19 per cent, while telecom and FMCG indices fell up to 1.66 per cent. "Domestic equities extended gains as an 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.
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