Investors’ wealth jumps over ₹2.95 lakh cr on first day of new fiscal

Photo: Reuters

Investors’ wealth jumped over 2.95 lakh crore on Thursday, the first day of the new financial year, amid a rally in the equity market.

The 30-share BSE benchmark index rallied 520.68 points or 1.05% to close at 50,029.83.

Driven by the bullish sentiment, the market capitalisation of BSE-listed companies rose by 2,95,587.25 crore to reach 2,95,587.25 crore at close of trade on Thursday.

IndusInd Bank, Kotak Bank, Ultratech Cement and Bajaj Finance were the prominent gainers. In contrast, HUL, HDFC Bank, Nestle and TCS suffered losses.

“Markets started the new financial year on a robust note led by optimism in the global markets,” Ajit Mishra, Vice President of Research at Religare Broking Ltd, said.

Vinod Nair, Head of Research at Geojit Financial Services said, “markets across the globe were boosted by Biden’s $2.3 tn spending plan”.

The rally in the domestic market was led by positive cues from global peers, strong buying in metal stocks and recovery in banking sector, he added.

Among sectoral indices, BSE metal rose by 5.41% followed by basic materials, utilities, power and telecom.

In the broader market, the BSE midcap index gained 1.66% and smallcap index rose 2.05%.

The 30-share BSE benchmark had clocked 20,040.66 points or 68% gain last fiscal.

Investors’ wealth grew massively by 90,82,057.95 crore in 2020-21 driven by an extraordinary rally in the equity market.

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