New Delhi: Investors saw their wealth increase by Rs 8.30 lakh crore during a three-day market rally, fueled by ongoing optimism about the US Fed rate cut. For the third consecutive day on Monday, the 30-share BSE Sensex rose by 384.30 points, or 0.45 percent, to end at a record high of 84,928.61. Throughout the day, it climbed 436.22 points or 0.51 pc to reach a new all-time high of 84,980.53. Within a span of three days, there has been an increase of 1,980.38 points or 2.38 percent in the benchmark.
In just three days, the market value of firms listed on the BSE rose by Rs 8,30,975.85 crore to reach Rs 4,76,03,923.17 crore (USD 5.70 trillion). Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, mentioned that investors continued to show their buying support for the third consecutive session, leading to fresh highs in benchmark indices due to increased value in telecom, banking, realty, and oil & gas shares. Mahindra & Mahindra, State Bank of India, Bharti Airtel, Kotak Mahindra Bank, Hindustan Unilever, UltraTech Cement, Tata Steel, and Adani Ports were the top performers among the 30 Sensex companies. ICICI Bank, IndusInd Bank, Asian Paints, Tech Mahindra, HCL Technologies, Infosys, Tata Consultancy Services, and Larsen & Toubro were among the underperformers.
According to data from the exchange, Foreign Institutional Investors (FIIs) purchased equities valued at Rs 14,064.05 crore on Friday. "The domestic market continued to rise due to the excitement caused by the Fed rate cut," stated Vinod Nair, who is the Head of Research at Geojit Financial Services. Both the BSE midcap and smallcap indices rose by 0.73 percent. Oil & gas, realty, telecommunication, energy, auto, consumer durables, consumer discretionary, and utilities all saw increases in their indices, with the biggest jump being in oil & gas at 2.23 per cent. BSE IT was the sole loser.
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