Investors richer by over Rs 3.45 lakh cr as markets recover from heavy selloff

Investors' wealth on Tuesday jumped by Rs 3,45,719.55 crore as markets returned to winning ways after a heavy selloff in the previous two sessions.

The BSE Sensex rallied 886.51 points or 1.56 per cent to settle at 57,633.65 on Tuesday.

In the previous session, the 30-share benchmark had ended 949.32 points or 1.65 per cent lower at 56,747.14 on worries over the Omicron variant.

Helped by the comeback in equities, the market capitalisation of BSE-listed companies rallied by Rs 3,45,719.55 crore to reach Rs 2,60,18,494.21 crore.

''Domestic bourses staged a recovery...supported by broad-based buying while healthcare stocks lost ground. Global markets traded with optimism on reports that the Omicron strain may not be as severe as expected,'' said Vinod Nair, Head of Research at Geojit Financial Services.

Tata Steel was the biggest gainer in the Sensex pack, jumping 3.63 per cent, followed by Axis Bank, ICICI Bank and Kotak Bank.

Asian Paints was the only laggard from the 30-share list.

''Benchmark Indices rebounded after two days of relentless selling and closed near the highs of the day led by strong gains in IT and financial shares,'' said Mohit Nigam, Head - PMS, Hem Securities.

In the broader market, the BSE midcap and smallcap indices gained up to 1.29 per cent.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)