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

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.

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • If the first 17 editions of Saarc were tragedies, Kathmandu was a sham

    Rarely has a regional grouping such as the South Asian Association of Regional Cooperation (Saarc) promised so much and delivered so little.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Varun Dutt

By the power of wind, let there be light

In India, the development of wind power began in the ...

Zehra Naqvi

Being unrealistic can be good for you

Depression is a term that most people use very casually ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture