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Investors gains Rs 21 lakh cr in 2-day stock rally

Dalal Street investors saw their wealth increase by Rs 21 lakh crore over two days as the BSE Sensex surged 4% due to upbeat market sentiment following the NDA's majority win in parliamentary polls, with major gains in tech and finance stocks.

News Arena Network - Mumbai - UPDATED: June 6, 2024, 05:28 AM - 3 mins read

Investors’ wealth up Rs 21 lakh cr in 2-day stock rally

Investors gains Rs 21 lakh cr in 2-day stock rally

Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers.


Investors on Dalal Street saw a remarkable increase in wealth by ₹21 lakh crore (£206 billion) over two days, following a sharp rally in the stock market. The BSE Sensex, a 30-share benchmark, surged by 692.27 points, or 0.93%, to close at 75,074.51 on Thursday.

 

During intra-day trading, the index soared by 915.49 points, or 1.23%, reaching 75,297.73.

 

This two-day rally resulted in the BSE benchmark climbing by 2,995.46 points, or 4.15%, reversing losses from a significant drop on Tuesday.

 

The optimistic trend in equities led to the market capitalisation of BSE-listed companies increasing by ₹21,05,298.11 crore, reaching ₹4,15,89,003.38 crore (£4.98 trillion) over the two days.

 

"With poll-related uncertainty nearly resolved and the NDA set to form the government, investor sentiment remained positive for the second consecutive session. The Sensex surpassed the psychological 75,000 mark, buoyed by robust all-round buying support," said Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd.

 

Prime Minister Narendra Modi is expected to form a government at the Centre for a third consecutive term after the BJP-led National Democratic Alliance (NDA) secured a majority in the recent parliamentary elections.

 

Top gainers among the 30 Sensex companies included Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services, and Wipro. Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle, IndusInd Bank, and Sun Pharma were among the laggards.

 

The NSE Nifty rose by 201.05 points, or 0.89%, to settle at 22,821.40 on Thursday.

 

"The benchmark indices sustained their positive momentum as the new coalition is expected to form a stable government. However, there is some anxiety over the new cabinet and the policy measures anticipated in the upcoming budget," said Vinod Nair, Head of Research at Geojit Financial Services.

 

In the broader market, the BSE smallcap index jumped by 3.06%, while the midcap index climbed 2.28%.

 

All sector indices recorded gains, with realty soaring by 4.85%, industrials rising by 3.69%, power by 2.87%, IT by 2.86%, utilities by 2.52%, and energy by 2.34%. A total of 3,009 stocks advanced, 834 declined, and 102 remained unchanged on the BSE.

 

"Nifty extended its recovery for the second consecutive session on Thursday following the steep fall on June 4," said Deepak Jasani, Head of Retail Research at HDFC Securities.

 

Earlier in the week, the BSE benchmark Sensex dropped by 4,389.73 points, or 5.74%, to settle at 72,079.05 on Tuesday. During the session, it plummeted by 6,234.35 points, or 8.15%, hitting a nearly five-month low of 70,234.43.

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