Market frenzy: Sensex soars, investors' wealth swells by ₹17 lakh crore overnight
The Indian stock market witnessed a massive rally, with the Sensex closing 2,946.32 points higher at 77,563.90 and the Nifty gaining 873.70 points to 23,997.35
Mumbai (The Uttam Hindu) : Indian stock markets saw a strong rally on Wednesday. The Sensex closed the day higher by 2,946.32 points, or 3.95 percent, at 77,563.90, and the Nifty gained 873.70 points, or 3.78 percent, to 23,997.35.
The market witnessed an all-round rally, led by realty and auto stocks. Nifty Realty (6.75%) and Nifty Auto (6.69%) were the top gainers, gaining 6.56%. Nifty Private Bank (5.56%), Nifty Financial Services (5.54%), Nifty PSU Bank (5.46%), Nifty Consumer Durables (5.23%), and Nifty Infra (4.13%) closed higher.
None of the indices closed in the red. Large-cap, mid-cap, and small-cap indices saw strong gains. The Nifty Midcap 100 index was up 2,198.95 points, or 4.03 percent, at 56,799.50, and the Nifty Smallcap 100 index was up 694.75 points, or 4.39 percent, at 16,538.05.
In the Sensex pack, IndiGo, L&T, Bajaj Finance, M&M, Axis Bank, Maruti Suzuki, UltraTech Cement, Titan, Bajaj Finserv, HDFC Bank, Adani Ports, ICICI Bank, Eternal, Kotak Mahindra Bank, Asian Paints, Tata Steel and SBI were the gainers. Only Tech Mahindra, Sun Pharma and Power Grid closed in the red.
Due to the market rally, the market cap of all companies listed on the Bombay Stock Exchange (BSE) has increased by approximately ₹17 lakh crore to approximately ₹446 lakh crore, from ₹429 lakh crore previously. Ventura Research Head Vineet Bolinjkar said the US-Iran ceasefire has improved risk appetite and led to a decline in crude oil prices.
He further said that investors should include large-cap stocks with strong earnings in their portfolios. Crude oil prices have fallen since the ceasefire announcement, with Brent crude falling by about 14 percent to $94 per barrel.