Investor wealth surges Rs 10 lakh cr as Sensex zooms 2,200 pts in 5 days; Nifty tops 16,600

Domestic equity benchmarks on Thursday closed near seven-week high levels, cushioned by FII buying and private lender IndusInd Bank after strong Q1 show, while the rupee weakness continues to dent sentiments. Buying was seen across segments most of the counters settled with gains.

Continuing its gaining streak for the 5th straight session, the 30-share pack Sensex advanced 284 points to close at 55,681.95. The index has advanced over 2,200 points (4.24 per cent) in the last 5 days of the rally. Its broader peer, Nifty50, also settled above 16,600. The benchmark closed above the 16,600 mark for the first time since June 2.

On the sectoral front, except pharma, all indices settled in the green, with PSU bank, oil and gas, power and capital goods indices rising 1-2 per cent.


Equity investors’ wealth, reflected in the total market cap of BSE-listed firms, jumped by nearly Rs 10 lakh crore in last 5 days.

With support from FII buying, the domestic market was able to withstand the downward pressure from global markets to close on a positive note, said Vinod Nair, Head of Research at Geojit Financial Services.

25 shares from the 30 share pack settled with gains, with IndusInd Bank rising over 7 per cent while Bajaj twins, Asian Paints, Tech Mahindra, L&T, Axis Bank, Power Grid, Nestle and Infosys also settled with gains of over 1-2 per cent each.

DRL, Kotak Mahindra Bank, Reliance, HDFC Bank and NTPC settled with cuts. FMCG major ITC crossed Rs 300/share for the 1st time since May 2019 while Hindustan Zinc and PVR also rose after Q1 results. Wipro cut early losses to trade up 0.5% on expectations of strong IT services revenue growth in the second quarter after its June-quarter profit fell about 21 per cent.
Tata Communications surged 10% after the company posted a jump in quarterly profit.

Global indices traded lower on rate hike worries as ECB in its meeting today, is expected to raise rates by 50 bps, while the Fed is expected to increase rates by 75 bps in upcoming meeting scheduled next week.

Broader markets outperformed benchmarks as BSE midcap index added 1.2 percent and smallcap index jumped 0.9 per cent. The market breadth is skewed in the favour of bulls. About 2,001 stocks rose, 1,337 declined and 161 remained unchanged.

In Asia, markets in Seoul and Tokyo ended in the green, while Shanghai and Hong Kong settled lower.

Markets in Europe were trading on a mixed note during mid-session deals. US stock futures dipped Thursday after a batch of mixed corporate earnings from companies such as Tesla and aluminum producer Alcoa.

Meanwhile, international oil benchmark Brent crude fell 3.90 per cent to $102.8 per barrel. The rupee recovered from its all-time low of 80.06 to close 20 paise higher at 79.85 (provisional) against the US dollar on Thursday following overall weakness in crude oil prices and fresh foreign fund inflows.