The five-day rally in the equity market has made investors richer by over Rs 9.76 lakh crore as the benchmark BSE Sensex jumped 2,265.8 points during this period.
Driven by the continued optimism in equities, the market capitalisation of BSE-listed firms jumped Rs 9,76,749.78 crore to Rs 2,60,42,730.43 crore in five days.
On Thursday, the Sensex climbed 284.42 points or 0.51 per cent to settle at 55,681.95 points.
In five days, the 30-share BSE benchmark has rallied 2,265.8 points or 4.24 per cent.
“Markets edged higher for the fifth straight session in the backdrop of positive catalysts such as optimism in global markets on easing fears of a very hawkish Fed rate hike, monsoon progressing much faster than previously anticipated, and WTI oil prices tumbling,” Prashanth Tapse, Vice President (Research) at Mehta Equities Ltd, said.
International oil benchmark Brent crude fell 3.58 per cent to USD 103.2 per barrel.
Foreign institutional investors were net buyers on Wednesday, picking up shares worth Rs 1,780.94 crore, as per exchange data.
“Investors traded with cautious optimism as gains in oil & gas, power, realty & banking stocks helped markets extend gain for the 5th straight session.
“The return of FIIs into domestic equity markets in the last few sessions coupled with receding commodity prices and hopes that US Fed may not go for aggressive rate hikes in its next meeting has somewhat tempered the fears of investors,” Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities Ltd, said.
Among the Sensex constituents, IndusInd Bank, Bajaj Finance, Bajaj Finserv, Asian Paints, Tech Mahindra, Axis Bank, Larsen & Toubro and Power Grid were the major gainers on Thursday.
Shares of IndusInd Bank climbed 7.88 per cent after the company reported a 60.5 per cent jump in net profit for the quarter ended June.
Dr Reddy’s Lab, Kotak Mahindra Bank, Reliance Industries and HDFC Bank were the laggards.