Equity investors richer by Rs 3.43 lakh Cr in two days of market rally

The stock markets in India have been touching new high on positive macroeconomic indicators and strong earning numbers

Equity investors richer by Rs 3.43 lakh Cr in two days of market rally

Wednesday June 28, 2023,

2 min Read

Equity investors became richer by Rs 3.43 lakh crore in two days of market rally that saw the BSE benchmark Sensex touching the record 64,000 mark in intra-day trade on Wednesday.

Extending the previous day's rally, the 30-share Sensex surged 499.39 points or 0.79% to settle at its lifetime closing high of 63,915.42 points on Wednesday. During the day, the index jumped 634.41 points or 1% to hit its all-time intra-day peak of 64,050.44 points.

In two days, the market capitalisation of BSE-listed firms went up by Rs 3,43,718.15 crore to Rs 2,94,11,131.69 crore. Earlier, on June 21, the market capitalisation of BSE-listed firms had hit an all-time high of Rs 2,94,36,594.50 crore.

"Domestic equities had a dream run with Nifty and Sensex scaling lifetime highs. Strong institutional flows, healthy macros, and robust earnings growth drove the domestic market toward new highs," Siddhartha Khemka, Head-Retail Research at Motilal Oswal Financial Services Ltd, said.

All the indices ended in the green on Wednesday, with services rallying 2.35%, capital goods jumping 1.14%, power (1.02%), healthcare (0.90%), oil and gas (0.85%), energy (0.83%), metal (0.80%) and industrials (0.70%).

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In the broader market, the BSE midcap gauge climbed 0.73% and smallcap index gained 0.08%.

"Nifty has surged to an unprecedented all-time high, propelled by the solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently," Santosh Meena, Head of Research, Swastika Investmart Ltd, said.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.

Edited by Kanishk Singh