Continuing their winning run for the third session in a row, the BSE Sensex surged nearly 1,148 points to breach the 51,000-level and the NSE Nifty recaptured the 15,200-mark on Wednesday, propped up by intense buying in financial and energy stocks.
Investors’ wealth jumped by a massive Rs 9.41 lakh crore during three successive days of gains in the domestic equity market.
At the closing bell, the 30-share Sensex was up 1,147.76 points or 2.28 per cent at 51,444.65 – the biggest single-day rise since February 2. Intra-day, the index swung 1,243 points.
Likewise, the NSE Nifty climbed 326.50 points or 2.19 per cent to end at 15,245.60. The Sensex rally was driven by Bajaj FinServ, Reliance Industries, Bajaj Finance, ICICI Bank, HDFC and Axis Bank. Of the 30 Sensex constituents, 27 closed in the green. Foreign investors had bought equities worth Rs 2,223.16 crore on net basis in Indian capital markets on Tuesday, exchange data showed.
At the close of trade, the total market capitalisation of the BSE-listed companies increased by Rs 3,69,170.72 crore to Rs 2,10,22,227.15 crore. Since March 1, the market capitalisation of the BSE-listed companies has zoomed by Rs 9,41,131.42 crore to reach Rs 2,10,22,227.15 crore on Wednesday. During this time, the Sensex has risen by 2,344.66 points or 4.77 per cent, while the Nifty has added 716.45 points or 4.93 per cent.
Reliance Securities Head (Strategy) Binod Modi said, “Domestic equities extended gain for the third consecutive day as fading concerns of rising bond yields and continued rebound in high frequency key economic indicators in February 21 emboldened investors. Additionally, global markets also remained supportive.” On the BSE, 1,844 companies advanced, while 1,157 declined and 170 remained unchanged.
Elsewhere in Asia, stock markets extended gains on Wednesday despite an overnight retreat on Wall Street. Meanwhile, Brent Futures rose by 1.84 per cent to trade at $63.77 per barrel. On the forex market front, the rupee rose by 65 paise to end at 72.72 against the US dollar.