Rising market brings happy cheers to investor as wealth surges Rs 1.92 lakh cr

Investor sentiment turned positive after the Finance Ministry issued a statement to dampen concerns over a spat between the government and the RBI.

Investor wealth soared Rs 1.92 lakh crore Wednesday following a sharp rebound in the broader market where the BSE benchmark index rallied 550.92 points.

The 30-share Sensex zoomed 550.92 points or 1.63 per cent to close at 34,442.05. In intra-day, the index had fallen by 303.89 points to 33,587.24.

Investor sentiment turned positive after the Finance Ministry issued a statement to dampen concerns over a spat between the government and the RBI.

Led by the improved sentiment, the market capitalisation (m-cap) of BSE-listed companies surged Rs 1,92,961.33 crore to Rs 1,38,45,109.37 crore.

"After a volatile start, market sharply rebounded led by clarity over the independence of RBI by the Govt. The rupee pared some losses while strong global cues and stock specific actions supported the market to remain positive," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

From the 30-share basket, 21 stocks ended with gains, led by HDFC, IndusInd Bank, Infosys and Axis Bank.

In the broader market, the S&P BSE midcap index gained 1.56 per cent and the smallcap index rose 1.38 per cent.

At the BSE, 1,613 stocks advanced, while 941 declined and 144 remained unchanged.

Sector-wise, banking, IT, pharma and realty indices drove the market momentum.