As benchmark equity indices Sensex and Nifty surged on Monday buoyed by slew of measures taken by the government to revive the economy, the investor wealth surged by Rs 2.41 lakh crore.
As benchmark equity indices Sensex and Nifty surged on Monday buoyed by slew of measures taken by the government to revive the economy, the investor wealth surged by Rs 2.41 lakh crore. The BSE gauge Sensex settled with a gain of 2.16 per cent or 792.96 points; while the NSE Nifty ended 2.11 per cent or 228.50 points higher. The market capitalisation of BSE-listed companies jumped Rs 2,41,975.59 crore to Rs 1,40,34,462.19 crore in the intraday trade today.
Markets recovered sharply amid volatility and gained over two percent, tracking favourable local cues and supportive global markets. It opened gap-up mainly in reaction to announcements made by the FM on Friday however lingering concern over the trade war escalation pared all gains in no time. It again regained strength as the day progressed, thanks to the news that the US and China could restart the trade negotiation,” Ajit Mishra, Vice President, Research, Religare Broking, said.
Last Friday, the government came up with a host of reform measures to boost the economy including rollback of enhanced surcharge on foreign portfolio investors levied in the Budget. The government also announced measures to boost the stressed auto sector along with upfront infusion of Rs 70,000 crore into public sector banks.
“The zone of 11,000-11,100 remains a stiff resistance zone for the markets. The global weakness will continue to remain a niggling worry for the markets once this reaction is digested,” Milan Vaishnav, CMT, MSTA Consulting Technical Analyst at Gemstone Equity Research & Advisory Services told Financial Express Online.
Meanwhile, the Indian rupee slumped 21 paise to 71.87 against the US dollar intraday. Brent crude futures, the global oil benchmark, rose 0.92 per cent to $59.34 per barrel.