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Investor wealth jumped by ₹6,32,362.29 crore on Friday as markets made a strong comeback after four days of massive fall. With the rise in the BSE benchmark index, which advanced 1,627.73 points or 5.75 per cent, the market valuation of BSE-listed companies jumped ₹6,32,362.29 crore to ₹1,16,09,143.29 crore at close of trade on Friday.
“Markets managed to gain nearly 6 per cent on Friday, thanks to the rebound in global indices and hopes of stimulus package from the government. In-line with the benchmark index, sectoral indices also ended higher and the broader market too closed with gains,” Religare Broking Ltd VP - Research Ajit Mishra said. Today’s surge could just be a recovery due to oversold positions, he added.
Investor wealth witnessed an erosion of ₹19.49 lakh crore in four days prior to Friday. The benchmark index dropped 5,815.25 points in four days.
On Friday, 28 companies from the BSE 30-share index constituents closed with gains, led by ONGC, UltraTech Cement, HUL, RIL and TCS, rising up to 18.58 per cent. Rally in RIL and TCS shares was most instrumental in taking the markets higher.
At the BSE, 1,448 companies advanced, while 1,007 declined and 150 remained unchanged. In the broader market, the BSE midcap and smallcap index rose 4.18 per cent and 4.03 per cent, respectively.
“Tracking positive sentiments in the global markets, Indian indices closed up by around 6 per cent. It was in sync with Asian and European markets and was more of a relief rally driven by technicals rather than any fundamental change in outlook,” according to Vinod Nair, Head of Research, Geojit Financial Services. “Hopes of further stimulus from central banks across the world to contain the economic damage boosted global markets. The broader market indices were also up by around 4 per cent,” he added.
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