Investor wealth rises by over Rs 89,000 crore as stocks zoom

MUMBAI: Investor wealth today soared by over Rs 89,000 crore with the benchmark BSE Sensex gaining 522.66 points to record a new closing high of 28,784.67.

The 50-share NSE Nifty rose by 144.90 points to 8,695.60, its record closing high.

Led by the rally in the stock market, investor wealth soared by Rs 89,376 crore to Rs 1,02,29,729 crore.

"Markets continued the good run and closed at a fresh high on the back of positive sentiments emanating from the RBI rate cut, expectations of further reforms from the Government, expectations of ECB stimulus and a slightly better-than- expected GDP number from China," said Dipen Shah, Head, Private Client Group Research, Kotak Securities.

From the 30-Sensex constituents, 22 ended the day with gains led by HDFC and Sesa Sterlite Ltd.

The market rally was driven by strong buying in the banking space and recovery in metals and oil & gas counters.

At the BSE, 1,552 stocks advanced, while 1,419 declined and 118 remained unchanged.

Raghu Kumar, Cofounder RKSV said, "There is no doubt that the markets surged from a macro level and not necessarily from a sector wide level.

"The repo rate cut, combined with an infusion of consumer and investor optimism that the repo rate cut will make ways for the government execute on many of its intended reforms in the upcoming budget, rallied the markets."