Equity investors become richer by Rs 7.51 lakh cr as stocks rebound

New Delhi: On Tuesday, the wealth of investors increased by Rs 7.51 lakh crore as the markets ended a six-day losing streak with the Sensex rising almost 585 points due to the purchase of high-value stocks such as HDFC Bank, Reliance Industries, and Mahindra & Mahindra. The market value of companies listed on BSE increased by Rs 7,51,481.51 crore, reaching Rs 4,59,50,926.21 crore (USD 5.47 trillion).

Ending a streak of six consecutive days of losses, the 30-share BSE Sensex saw an increase of 584.81 points or 0.72 percent, finishing at 81,634.81. Throughout the day, it increased by 713.28 points or 0.88 percent to reach a highest point of 81,763.28. "According to Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, the markets turned around their 6-session downtrend because investors covered their shorts in banking, telecom, auto, and realty stocks." The rebound occurred even though there were negative signals from Asian and European markets, but uncertainties persist in the local market due to FPI sell-offs and ongoing conflict in West Asia. The focus will be on the RBI's credit policy result on Wednesday, with expectations that the central bank might keep interest rates unchanged, he explained. Adani Ports & Special Economic Zones, Mahindra & Mahindra, Reliance Industries, HDFC Bank, Larsen & Toubro, NTPC, State Bank of India, UltraTech Cement and Kotak Mahindra Bank were the key winners in the Sensex pack.

On the other hand, Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Hindustan Unilever, ITC, Tata Motors, and Tata Consultancy Services were among the companies that performed poorly. According to exchange data, Foreign Institutional Investors (FIIs) sold equities worth Rs 5,729.60 crore on Tuesday, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 7,000.68 crore. On the BSE, 2,969 stocks went up, 983 went down, and 93 stayed the same. Over the last six trading sessions, the 30-share BSE Sensex experienced a significant drop.