Stock market sees massive recovery, investors earn Rs 15,000 crore in a single day
The Sensex gained 185.23 points (0.25%) to 73,319.55, while the Nifty rose 33.70 points (0.15%) to 22,713.10
Mumbai (The Uttam Hindu): Thursday's session was volatile for the Indian stock market. The market started with a decline but ended the day higher. The market saw a strong recovery during the trading session. The Sensex gained 1,774 points from an intraday low of 71,545.
At the end of the day, Sensex closed with a gain of 185.23 points or 0.25 percent at 73,319.55. Nifty saw a recovery of 531 points from the intra-day low of 22,182. It closed at 22,713.10 with a gain of 33.70 points or 0.15 percent. IT stocks led the rally in the market. Among the indices, Nifty IT closed with a gain of 2.60 percent. Nifty Realty closed with a gain of 1.07 percent, Nifty Services 0.54 percent, Nifty Metal 0.39 percent, Nifty Private Bank 0.39 percent and Nifty FMCG 0.21 percent. On the other hand, Nifty Consumer Durables was in the red with a weakness of 0.93 percent, Nifty Pharma 0.92 percent, Nifty Healthcare 0.86 percent, Nifty Oil & Gas 0.79 percent, Nifty Auto 0.62 percent and Nifty Infra 0.45 percent.
Investors made ₹15,000 crore
The total market capitalization of BSE-listed companies rose to ₹422.16 lakh crore today, from ₹422.01 lakh crore on the previous trading day. Thus, the market cap of BSE-listed companies increased by approximately ₹15,000 crore today. In other words, investors' wealth increased by approximately ₹15,000 crore.
HCL Tech, Tech Mahindra, Infosys, TCS, HDFC Bank, Bajaj Finance, Maruti Suzuki, Titan, Axis Bank, BEL, Kotak Mahindra Bank, ITC, ICICI Bank, Bharti Airtel, IndiGo, L&T and SBI were the gainers in the Sensex pack. Asian Paints, Eternal, Sun Pharma, NTPC, Power Grid, M&M, UltraTech Cement, Bajaj Finserv and Tata Steel were the losers. Midcaps and smallcaps were weaker than largecaps. Nifty Midcap 100 index was down 142.10 points or 0.26 percent at 53,677.05 and Nifty Smallcap 100 index was down 59.30 points or 0.38 percent at 15,650.50.
Sunny Agarwal, Head of Fundamental Research, SBI Securities, said that after US President Donald Trump's tweet alleging a possible massive attack on Iran in the next 2-3 weeks, Indian indices Nifty and Sensex witnessed a sharp decline in early trade. These indices fell by 500 points and 1500 points respectively. However, the markets recovered strongly in the middle of the session due to value-based buying and strengthening of the rupee. The rupee recorded its biggest gain in the last 12 years, due to which both the indices closed on positive levels.