Investors’ wealth rises over ₹12.56 lakh cr in 7 days rally; Sensex up 2,544 pts, Nifty gains 771 pts

Tech Mahindra

Investors increased their wealth significantly in just 7 days thanks to excellent returns on the Sensex and Nifty 50. On Tuesday, the Sensex passed the crucial milestone of 60,150, while the Nifty 50 came dangerously close to 17,750. Since March 29th, domestic Indian stocks have been on a winning streak. Market capitalization of BSE-listed companies has soared by more than 12.56 lakh crore in just 7 trading sessions.

The Sensex closed at 60,157.72 on Tuesday, up 311.21 points or 0.52%. At 17,722.30, the Nifty 50 increased by 98.25 points, or 0.56%.

By the end of April 11th, the market capitalization of stocks listed on the BSE exceeded 264.51 lakh crore. The m-cap has increased by 1,37,628.56 crore in comparison to the print from the previous day.

The M-cap was over 263.13 lakh crore on April 10.

But since March 29th, markets have been in the black. Up to April 11th, there were a total of seven trading sessions, and the markets rose on each of these days.

Hence, the m-cap of BSE-listed companies has increased dramatically by 12,56,510.59 crore in 7 days.

The market capitalization on March 28th was about 251.94 lakh crore.

The Sensex has increased by 2,544 points, or 4.41%, between March 29 and April 11; the Nifty 50 has increased by almost 771 points, or 4.55%.

Positive monthly car sales data, higher-than-expected PMI manufacturing statistics, solid quarterly bank and NBFC numbers, and a reduction in windfall tax were the main market-movers in these seven days. The RBI’s unexpected halt to interest rate increases was the key development.

The repo rate was maintained by RBI at 6.5%. The break will be the first in 11 months. Not only that, but the RBI has also projected GDP growth of 6.5% while factoring in a lower inflation rate of 5.2% for the fiscal year FY24.

Notwithstanding concerns about the Fed raising interest rates, the US jobs report, inflationary pressures, and the liquidity crisis at global banks, these factors reassure equity investors.

“The domestic equity indices exhibited resilience and remained in positive territory, principally led by banking and auto companies on the expectation of solid quarterly earnings following healthy business reports,” said Vinod Nair, Head of Research at Geojit Financial Services on Tuesday.

I’ll go ahead. Said Nair “The RBI’s upper tolerance limit of 6% is anticipated to be maintained in the upcoming CPI inflation data, which is due on Wednesday. In the meantime, it is anticipated that US inflation would continue to drop from its current 6% level. The FOMC meeting minutes and US inflation data are anticipated to have a significant impact on the direction of the global market.”

Disclaimer: Currency Veda does not endorse the opinions or suggestions expressed above by specific analysts or brokerage firms. Before making any financial decisions, we suggest investors to consult with licenced professionals.