Investors wealth soared over Rs 3 lakh crore on Wednesday as the stock market made a strong recovery, with the BSE benchmark index surging 461.42 points. The Sensex jumped 461.42 points or 1.35 per cent to end at 34,760.89.
Led by the sharp rally in stocks, the market capitalisation of BSE-listed companies zoomed Rs 3,08,467.04 crore to Rs 1,38,39,750.40 crore. The Sensex had lost nearly 175 points Tuesday. “Market turned positive from over sold region led by financial stocks and marginal gain in the rupee,” said Vinod Nair, Head of Research, Geojit Financial Services.
Rupee recovery from record lows also boosted market sentiment. The rupee recovered by 34 paise to 74.05 (intra-day) against the dollar at the forex market Wednesday.
From the 30-share pack, 25 scrips advanced, while 5 ended with losses. Axis Bank and SBI led the gainers pack surging up to 6.6 per cent. At BSE, 2,058 stocks advanced, while 611 declined and 131 remained unchanged. In the broader market space, the S&P BSE midcap index gained 4.23 per cent and smallcap 3.67 per cent.