Equity investors are a happy lot as their wealth jumped by Rs 4.76 lakh crore in the first two days of trading in the New Year, driven by optimism in the broader market.
The 30-share Sensex zoomed 382.7 points to 59,565.92 in early trade on Tuesday. The benchmark had jumped 929.40 points or 1.60 per cent to settle at 59,183.22 on Monday, the first day of trading in 2022.
Helped by the ongoing rally, the market capitalisation of BSE-listed companies jumped by Rs 4,76,367.89 crore to reach Rs 2,70,76,579.44 crore in just two trading sessions. The surge in global markets fuelled the rally in domestic equities on Tuesday.
In early trade on Tuesday, NTPC was the lead gainer among the pack of 30-share frontline companies, followed by PowerGrid, SBI and Axis Bank. In the broader market, the midcap and smallcap indices jumped up to 0.42 per cent in early trade.
“US markets setting record highs on the first trading day of 2022 is auspicious for global stock markets. The spectacular rally in Nifty and FIIs turning buyers with net purchases worth Rs 703 crore are bullish signals.
“If the FII buying yesterday is an indication of their renewed interest in India, financials particularly the leading banks, are likely to continue the momentum witnessed yesterday,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. In 2021, equity investors reaped handsome rewards as their wealth grew nearly by Rs 78 lakh crore.