Investors richer by over Rs 80,000 cr as stocks soar

Tags: Stock Market
Investors became richer by over Rs 80,000 crore today as the benchmark indices rose over 1.7 per cent each on Goldman Sachs' upgrading Indian stocks and optimism that government will push through key economic reforms.

The BSE barometer 30-share Sensex closed 328.83 points higher at 19,170.91 -- its 19-month high closing level.

The wide-based 50-issue Nifty of the NSE also flared up by 97.55 points or 1.70 per cent to end at 19-month high above 5,800-mark at 5,825.00. This level was not seen since April 27, 2011 when it had settled at 5,833.90.

Led by the strong uptick in the market, the total investor wealth moved up by Rs 80,375.26 crore to Rs 66,74,394.71 crore. Across BSE, 1681 stocks rose while in NSE, 891 shares gained.

Among the Sensex constituents, 26 stocks closed with gains led by Bajaj Auto, ICICI Bank, Tata Motors, Cipla and Sterlite.

In the previous trading session also the Sensex had gained over 300 points. It soared by 305 points on Tuesday after credit rating agency Moody's kept India's outlook stable.

Brokers said investors are confident that the UPA government will excel in a trial of strength over FDI in retail issue to be witnessed in Parliament next week.

"Market outlook turns to positive now and buying may be considered on dips. In the coming sessions, market is likely to see further buying above 5,850 level, for likely upward targets of 5,950-6,000," Nidhi Sarswat, Senior Research Analyst, Bonanza Portfolio said.

Markets have started factoring in some further announcements on fiscal reforms with the deadlock on retail FDI issue being resolved and discussion expected to happen next week, according to Dipen Shah, Head of PCG Research, Kotak Securities.

EDITORIAL OF THE DAY

  • It makes sense to highlight PM’s achievements with little noise to attract greater attention

    Are prime minister Narendra Modi and the BJP going over the top?

FC NEWSLETTER

Stay informed on our latest news!

TODAY'S COLUMNS

Arun Nigavekar

Can Hefa actually become a reality?

The ministry of human resource development (MHRD) is actively wo­rking ...

Kuruvilla Pandikattu

The India of our dreams

The speech “I have a dr­eam,” that Martin Luther King ...

Shona Adhikari

Head to Tate Modern for a refresher course on Bhupen Khakhar

India’s celebrated artist Bhupen Khakhar’s exhibition, titled You Can’t Please ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture