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In the broader market, the BSE smallcap gauge jumped 3.06 per cent, while the midcap index climbed 2.28 per cent | File image
Dalal Street investors became richer by Rs 21 lakh crore in two days of a sharp rally in the stock market, where the BSE benchmark surged over 4 per cent.
The 30-share BSE Sensex jumped 692.27 points or 0.93 per cent to settle at 75,074.51 on Thursday. In intra-day trade, the benchmark soared 915.49 points or 1.23 per cent to 75,297.73.
In two days, the BSE benchmark surged 2,995.46 points or 4.15 per cent after Tuesday’s massive rout.
Thanks to the optimistic trend in equities, the market capitalisation of BSE-listed companies climbed Rs 21,05,298.11 crore to Rs 4,15,89,003.38 crore (USD 4.98 trillion) in two days.
“With the poll-related uncertainty now almost over and the NDA ready to form the government, the mood remained upbeat for the second straight session as Sensex crossed the psychological 75k mark on the back of a splendid all-round buying support.
“With the buoyancy returning to the market, the fear gauge volatility index also eased considerably and fell 11 per cent,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
Prime Minister Narendra Modi is poised to form the government at the Centre for a third consecutive term after the BJP-led National Democratic Alliance (NDA) won a majority in the just-concluded parliamentary polls.
Among the 30 Sensex companies, Tech Mahindra, HCL Technologies, State Bank of India, NTPC, Infosys, Larsen & Toubro, Tata Consultancy Services and Wipro emerged as the biggest gainers.
Hindustan Unilever, Asian Paints, Mahindra & Mahindra, Nestle, IndusInd Bank and Sun Pharma were among the laggards.
The NSE Nifty climbed 201.05 points or 0.89 per cent to 22,821.40 on Thursday.
“The benchmark indices maintained their positive momentum, as the new coalition is about to swear in, which is predicted to be a stable government. However, anxiety persists over the new cabinet being put in place and policy measures expected to be announced in the coming budget,” Vinod Nair, Head of Research, Geojit Financial Services, said.
In the broader market, the BSE smallcap gauge jumped 3.06 per cent, while the midcap index climbed 2.28 per cent.
All the indices ended with gains, with realty soaring 4.85 per cent, industrials jumping 3.69 per cent, power (2.87 per cent), IT (2.86 per cent), utilities (2.52 per cent) and energy (2.34 per cent).
As many as 3,009 stocks advanced while 834 declined and 102 remained unchanged on the BSE.
“Nifty extended its recovery for a second consecutive session on Thursday after the steep fall witnessed on June 4,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
The 30-share BSE benchmark Sensex cracked 4,389.73 points, or 5.74 per cent, to settle at 72,079.05 on Tuesday. During the day, the benchmark tanked 6,234.35 points or 8.15 per cent to hit a nearly five-month low of 70,234.43.
First Published: Jun 06 2024 | 5:39 PM IST
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