Investor wealth surges by Rs 1.84 lakh cr as stocks soar

MUMBAI: A 565-points rally in the benchmark index Sensex added over Rs 1.84 lakh crore to total investor wealth on BSE today.
Total investor wealth of BSE-listed companies went up by Rs 1,84,664.63 crore to Rs 98,39,357 crore.
The index rising for the fourth straight session surged 564.60 points to settle at 26,785.55.
"A couple of factors had a role to play in the near 600- points Sensex rally witnessed today.The weaker-than-expected US employment data last week provided the Asian and European stock markets a reason to cheer, as it led to the market participants building in the assumption of the US interest lift-off getting postponed probably beyond December," said Hitesh Agrawal - Head Research, Reliance Securities.
The optimism spilled over to Indian equities as well, which already had gathered some momentum post the higher-than -expected 50 bps interest rate cut by the RBI last week, he said.
"Further, with the Q2 results round the corner, there are also expectations of a better earnings picture this results season in the wake of the soft global commodity prices benefiting companies," Agrawal added.
Among the 30-Sensex components, 26 ended the day with gains led by Tata Motors, Tata Steel, ICICI Bank and Hindalco Industries.
Those which suffered losses were Maruti, Lupin, Dr Reddy's and Hindustan Unilever Ltd.
Among BSE sectoral indices, capital goods gained the most by surging 3.28 per cent, followed by infra 3.04 per cent, bankex 2.80 per cent and metal 2.49 per cent.
The benchmark index has rallied by 1,168.71 points in four straight sessions, since the Reserve Bank cut key rates by 0.50 per cent to 6.75 per cent on September 29.
At BSE, 2,001 stocks advanced, 787 declined and 99 remained unchanged.