Market blooms! Investors pocket Rs 2.8 lakh crore as stocks rise for 2nd straight day
Indian stock market surges for 2nd consecutive day, Sensex up 0.75% to 76,070, Nifty50 gains 0.74% to 23,581. Investors' wealth jumps ₹2.8 lakh crore
Mumbai (The Uttam Hindu): After falling for the last three days, the Indian stock market closed in the green mark with gains for the second consecutive session on Tuesday, the second trading day of the week.
Meanwhile, the 30-share BSE Sensex rose 0.75 percent, or 568 points, to close at 76,070.84. The NSE Nifty 50 rose 0.74 percent, or 172.35 points, to close at 23,581.15. During the day, the Sensex opened at 75,826.68 and touched a high of 76,304.26, while the Nifty opened at 23,493.20 and touched a high of 23,656.80.
Investors made ₹2.78 lakh crore
The total market capitalization of BSE-listed companies rose to ₹433.35 lakh crore today, from ₹430.57 lakh crore on the previous trading day. Thus, the market cap of BSE-listed companies increased by approximately ₹2.78 lakh crore today. In other words, investors' wealth increased by approximately ₹2.78 lakh crore.
The overall market witnessed a rise in Tuesday's session. Nifty Midcap gained 1.02 percent and Nifty Smallcap index gained 0.65 percent. Sectorally, Nifty Auto (2.11 percent) and Nifty Metal (2.82 percent) were the top gainers, while Nifty IT (0.97 percent) and Nifty FMCG (0.75 percent) were the biggest losers. India Volatility Index (India VIX) fell 9.12 percent to 19.63 during the session and finally closed at 19.79, down 8.39 percent.
In the Nifty50 index, Eternal, Tata Steel, Mahindra & Mahindra, HDFC Life, BEL, Maruti Suzuki, L&T, Bharti Airtel, and ONGC were the top gainers and were among the top gainers. In contrast, Wipro, Cipla, Tata Consumer Products, Infosys, ITC, and Bajaj Finance were among the top losers.
According to market experts, if Nifty holds firmly above 23,600, it could move towards 23,800 to 24,000. However, this range could also become a strong resistance (selling pressure) going forward. On the other hand, if the market fails to hold above this level, it could revisit 23,500, with strong support below it at 23,300-23,350.
Experts say that despite the fluctuations, the market has shown strength, but this does not yet indicate a complete reversal of the trend. Experts believe that this is currently a recovery phase, with significant buying occurring in select sectors. Due to global uncertainties, the market may continue to trend cautiously and with a mild uptrend.