Investors richer by over Rs 12 lakh crore as markets record sharp gains

As the day progressed, healthy buying across sectors and short-covering supported the market to maintain its momentum.It is a much-needed breather for the bulls after five weeks of slide, Ajit Mishra, VP - Research at Religare Broking Ltd, said.Tata Steel, Reliance Industries, ITC, Wipro, ICICI Bank, Larsen Toubro, HCL Technologies and Maruti were the major gainers among the Sensex constituents.Asian markets in Hong Kong, Seoul, Tokyo and Shanghai ended higher.

Equity investors became richer by over Rs 12 lakh crore on Tuesday, helped by a smart rally in the broader market.

The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing in the green.

Tracking the sharp rally in equities, the market capitalisation of BSE-listed firms jumped Rs 12,05,523.65 crore to Rs 2,55,55,447.68 crore.

''Markets witnessed a sharp rebound and gained over 2.5 per cent, thanks to favourable cues. The benchmark opened higher led by supportive Asian markets as China eased lockdown restrictions. As the day progressed, healthy buying across sectors and short-covering supported the market to maintain its momentum.

''It is a much-needed breather for the bulls after five weeks of slide,'' Ajit Mishra, VP - Research at Religare Broking Ltd, said.

Tata Steel, Reliance Industries, ITC, Wipro, ICICI Bank, Larsen & Toubro, HCL Technologies and Maruti were the major gainers among the Sensex constituents.

Asian markets in Hong Kong, Seoul, Tokyo and Shanghai ended higher. Equity exchanges in Europe were trading in the green in the afternoon session.

In the broader market, the BSE smallcap gauge rallied 2.78 per cent and midcap index jumped 2.51 per cent.

All BSE sectoral indices also ended higher, with metal jumping 7.62 per cent, followed by basic materials (4.26 per cent), energy (4.13 per cent), oil and gas (3.52 per cent), telecom (3.31 per cent) and industrials (3.14 per cent).

A total of 2,624 stocks advanced, while 714 declined and 124 remained unchanged.

''After a long gap, the market has witnessed a strong resilience supported by heavyweights and broader markets. The market was trading at oversold territory and was inspired by optimism in the Asian markets,'' Vinod Nair, Head of Research at Geojit Financial Services, said.

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